In the latest trading session, Nokia (NYSE:NOK) closed at $4.08, marking a -0.24% move from the previous day. This change was narrower than the S&P 500's daily loss of 0.72%. At the same time, the Dow lost 0.57%, and the tech-heavy Nasdaq lost 0.87%.
Prior to today's trading, shares of the technology company had gained 0.74% over the past month. This has lagged the Computer and Technology sector's gain of 4.37% and the S&P 500's gain of 4.69% in that time.
Investors will be hoping for strength from NOK as it approaches its next earnings release. On that day, NOK is projected to report earnings of $0.12 per share, which would represent a year-over-year decline of 29.41%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.56 billion, down 1.18% from the year-ago period.
It is also important to note the recent changes to analyst estimates for NOK. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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. The Zacks Consensus EPS estimate remained stagnant within the past month. NOK is currently a Zacks Rank #3 (Hold).
In terms of valuation, NOK is currently trading at a Forward P/E ratio of 18.76. For comparison, its industry has an average Forward P/E of 20.26, which means NOK is trading at a discount to the group.
Investors should also note that NOK has a PEG ratio of 12.59 right now. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Wireless Equipment was holding an average PEG ratio of 2.25 at yesterday's closing price.
The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 106, which puts it in the top 42% 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
Nokia Corporation (NOK): Free Stock Analysis Report
To read this article on Zacks.com click here.