Nokia Corporation (NYSE: NOK) shares rose in value on Tuesday February 7 on slower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
U.S. stocks were up in early trade on Tuesday which could put the equity market on track to set new records.
Investors were focusing on earnings, with GM and Michael Kors making moves after reporting early.
S&P 500 futures ESH7, +0.31% rose 7 points, or 0.3%, to 2,293.50, while Dow Jones Industrial Average futures YMH7, +0.46% tacked on 70 points, or 0.4%, to 20,042. Nasdaq-100 futures NQH7, +0.48% added 14 points, or 0.3%, to 5,171.75.
Analysts at Morgan Stanley upgraded shares of Nokia Corporation (NYSE: NOK) from Equal Weight to Overweight today. Morgan Stanley currently has a rating of Overweight on the stock. As a means of comparison, a number of other analysts have commented on the stock in recent days, and Nokia Corporation has secured a consensus one-year price target of $5.58, higher than the opening price of $4.88. Nokia Corporation stock has a 52-week high of $6.31. Usually, after analysts assign an upgrade report on a stock, they will later issue other revisions, usually followed by a price target change.
Shares of Nokia Corporation (NYSE: NOK) opened at $4.88 yesterday trading between $4.87 and $4.89, and last traded at $4.89, a jump of $0.14 from the previous closing price.
Nokia Corporation (NYSE: NOK) currently has a market cap of 27.94B.
Nokia Corporation (NYSE: NOK) Average Daily Trading Volume
2,741,343 shares traded hands yesterday, 42 percent below the average, out of a total float 5,685,150,000. lower than normal. Look for trading volume to pick up in the coming days as swing traders often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for short periods will not mean much will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have substantial teams of analysts that investigate thousands of stocks, so it is good validation to see them taking a postion in a stock you are researching.
Nokia Corporation (NYSE: NOK) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of winning trades.
With that in mind, Nokia Corporation (NYSE: NOK) now has a 50-day MA of $4.76 and 200-day MA of $5.07. It has traded in a 52-week range between $4.04 – 6.310 and today’s last price is 22.58%% lower than the 52 week high of $6.31.
Indeed, earnings growth is among the most crucial things to look at in regards to stock investing and, accordingly, investors seek companies that have grown their earnings by at least 25% over a 3 year period.
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