Nokia Oyj (NYSE:NOK) Stock Consolidates After The Jump: What Next?
Not too long ago, the Nokia Oyj (NYSE:NOK) stock had managed to deliver significant gains but since then the stock has been trading within a range. In this sort of situation, it could be a wide move from investors to perhaps take a look at the factors that triggered the rally in the first place.
Earlier on the stock had been one of the meme stocks that had been pumped up by some of the traders from Reddit community. However, Nokia received a major boost in the last week of June when Alexander Duval, an analyst at Goldman Sachs upgraded the stock to buy from neutral. In addition to that, the target price was also raised to $6.50 a share from $4.90 a share.
In his analysis, Duval stated that although it is true that Nokia has struggled considerably over the past years, the company might finally be entering a stage at which it can surpass expectations and grow its earnings. The analyst also raised his revenues forecast for the company from 2021 through to 2023 to 3%. That represents a raise of 1%. He stated that the change is largely due to the positive views about the market and Nokia’s business.
Market Reaction:
On Tuesday, NOK stock went up 0.56% at $5.42 with more than 22.53 million shares, compared to its average volume of 39.51 million shares. The stock had moved within a range of $5.33 – 5.48 after opening the trade at $5.37. Over the past 52-week, the stock has been trading within a range of $3.21 – 9.79.
