Nokia (NOK) closed the most recent trading day at $5.58, moving -0.53% from the previous trading session. This change lagged the S&P 500's daily gain of 0.02%.

Prior to today's trading, shares of the technology company had gained 12.65% over the past month. This has outpaced the Computer and Technology sector's gain of 2.08% and the S&P 500's gain of 0.04% in that time.

Investors will be hoping for strength from NOK as it approaches its next earnings release. In that report, analysts expect NOK to post earnings of $0.06 per share. This would mark a year-over-year decline of 14.29%. Our most recent consensus estimate is calling for quarterly revenue of $6.32 billion, up 12.81% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $0.29 per share and revenue of $25.84 billion, which would represent changes of -3.33% and +3.16%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for NOK. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. NOK is currently sporting a Zacks Rank of #2 (Buy).

Digging into valuation, NOK currently has a Forward P/E ratio of 19.08. Its industry sports an average Forward P/E of 21.34, so we one might conclude that NOK is trading at a discount comparatively.

Meanwhile, NOK's PEG ratio is currently 12.81. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. NOK's industry had an average PEG ratio of 2.26 as of yesterday's close.

The Wireless Equipment industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 132, putting it in the bottom 49% 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.

You can find more information on all of these metrics, and much more, on Zacks.com.

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