Nokia (NOK) shares ended the last trading session 6.7% higher at $8.82. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.5% gain over the past four weeks.
Nokia (NOK) witnessed a jump in share price last session on above-average trading volume. The latest trend in earnings estimate revisions for the stock doesn't
Nokia (NOK) shares ended the last trading session 6.7% higher at $8.82. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 1.5% gain over the past four weeks.
The uptrend was largely attributable to a healthy momentum in its focus areas of software and enterprise. Nokia is poised to benefit from copper and fiber deployments of passive optical networking. It is the only global supplier that is offering O-RAN with commercial 5G Cloud-RAN networks. Nokia is also expanding its IP routing business into the data center market and Apple $AAPL has reportedly deployed its technology at its data centers.
The company intends to accelerate strategy execution, sharpen customer focus and reduce long-term costs. At the same time, it is focused on building a strong, scalable software business and expanding it to structurally attractive enterprise adjacencies. Nokia’s C-Band portfolio supports 5G standalone and non-standalone networks, cloud-based implementations and Open RAN products.
This technology company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +100%. Revenues are expected to be $5.38 billion, up 16.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Nokia, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on NOK going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Nokia belongs to the Zacks Wireless Equipment industry. Another stock from the same industry, AST SpaceMobile, Inc. (ASTS), closed the last trading session 10.3% higher at $92.62. Over the past month, ASTS has returned -19.9%.
AST SpaceMobile's consensus EPS estimate for the upcoming report has changed +7.9% over the past month to -$0.23. Compared to the company's year-ago EPS, this represents a change of -15%. AST SpaceMobile currently boasts a Zacks Rank of #3 (Hold).
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