Nokia (NOK) Stock Sinks As Market Gains: What You Should Know
Nokia (NOK) closed the most recent trading day at $4.67, moving -0.21% from the previous trading session. This move lagged the S&P 500's daily gain of 0.95%. At the same time, the Dow added 0.64%, and the tech-heavy Nasdaq gained 0.12%.
Heading into today, shares of the technology company had lost 5.07% over the past month, lagging the Computer and Technology sector's loss of 2.82% and the S&P 500's loss of 3.49% in that time.
Wall Street will be looking for positivity from Nokia as it approaches its next earnings report date. On that day, Nokia is projected to report earnings of $0.10 per share, which would represent a year-over-year decline of 9.09%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.07 billion, down 5.12% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $0.42 per share and revenue of $25.27 billion. These totals would mark changes of -4.55% and -3.62%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Nokia. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Nokia currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Nokia is currently trading at a Forward P/E ratio of 11.06. This represents a discount compared to its industry's average Forward P/E of 18.69.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 100, which puts it in the top 40% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
To read this article on Zacks.com click here.
Zacks Investment Research
