Traders Buy Large Volume of Put Options on Nokia Oyj (NYSE:NOK)

Nokia Oyj (NYSE:NOK) was the target of some unusual options trading activity on Tuesday. Stock traders acquired 24,464 put options on the company. This is an increase of 208% compared to the average daily volume of 7,945 put options.

Hedge Funds Weigh In On Nokia Oyj

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Maverick Capital Ltd. acquired a new position in shares of Nokia Oyj during the second quarter valued at $1,240,000. CreativeOne Wealth LLC lifted its position in Nokia Oyj by 62.3% in the 1st quarter. CreativeOne Wealth LLC now owns 17,628 shares of the technology company’s stock valued at $63,000 after purchasing an additional 6,768 shares during the last quarter. QRG Capital Management Inc. boosted its stake in Nokia Oyj by 92.8% during the 3rd quarter. QRG Capital Management Inc. now owns 531,722 shares of the technology company’s stock valued at $2,324,000 after purchasing an additional 255,893 shares during the period. Proficio Capital Partners LLC bought a new position in Nokia Oyj in the 3rd quarter worth about $821,000. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Nokia Oyj in the second quarter valued at approximately $206,000. 5.28% of the stock is currently owned by institutional investors and hedge funds.

Nokia Oyj Price Performance

Shares of NYSE NOK opened at $4.19 on Thursday. The business has a 50 day simple moving average of $4.47 and a 200-day simple moving average of $4.12. Nokia Oyj has a twelve month low of $2.94 and a twelve month high of $4.95. The company has a market capitalization of $22.82 billion, a price-to-earnings ratio of 52.31, a price-to-earnings-growth ratio of 5.45 and a beta of 1.12. The company has a current ratio of 1.72, a quick ratio of 1.46 and a debt-to-equity ratio of 0.14.

Nokia Oyj (NYSE:NOK) last posted its quarterly earnings results on Thursday, October 17th. The technology company reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. Nokia Oyj had a net margin of 2.18% and a return on equity of 8.32%. The company had revenue of $4.75 billion for the quarter, compared to the consensus estimate of $5.10 billion. As a group, equities research analysts expect that Nokia Oyj will post 0.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their target price on Nokia Oyj from $4.36 to $4.35 and set a “neutral” rating for the company in a research note on Monday, October 21st. StockNews.com lowered Nokia Oyj from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 26th. Danske raised Nokia Oyj from a “hold” rating to a “buy” rating in a research report on Friday, October 18th. Northland Securities reissued an “outperform” rating and set a $6.50 price target on shares of Nokia Oyj in a research report on Friday, October 18th. Finally, Craig Hallum upgraded shares of Nokia Oyj from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $4.56.

Nokia Oyj Company Profile

Nokia Oyj provides mobile, fixed, and cloud network solutions worldwide. The company operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. The company provides fixed networking solutions, such as fiber and copper-based access infrastructure, in-home Wi-Fi solutions, and cloud and virtualization services; IP networking solutions, including IP access, aggregation, and edge and core routing for residential, mobile, enterprise and cloud applications; optical networks solutions that provides optical transport networks for metro, regional, and long-haul applications, and subsea applications; and submarine networks for undersea cable transmission.