As published in a research note from Barclays on January 19, 2024, Nokia Corp ADR [NOK] has been rated down from an Equal weight to an Underweight. Analysts at Exane BNP Paribas started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid January. As of December 18, 2023, Goldman has decreased its “Buy” rating to a “Neutral” for NOK. Earlier on December 08, 2023, Jefferies downgraded its rating. Their new recommendation was “a Hold” for NOK stock which previously was a “a Buy”.
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Analyzing NOK Stock Performance
During the last five days, there has been a surge of approximately 0.28%. Over the course of the year, Nokia Corp ADR shares have jumped approximately 5.26%. Shares of the company reached a 52-week high of $3.86 on 01/29/24 and a 52-week low of $3.31 on 01/22/24. A 50-day SMA is recorded $3.57, while a 200-day SMA reached $3.67. Nevertheless, trading volume fell to 15.11 million shares from 9.01 million shares the previous day.
Support And Resistance Levels for Nokia Corp ADR (NOK)
According to the 24-hour chart, there is a support level at 3.56, which, if violated, would cause prices to drop to 3.51. In the upper region, resistance lies at 3.64. The next price resistance is at 3.67. RSI (Relative Strength Index) is 51.69 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.04, which suggests the price will decrease in the coming days. Percent R is at 43.48%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Nokia Corp ADR subject to short interest?
Stocks of Nokia Corp ADR saw a sharp rise in short interest on Feb 29, 2024 jumping by 3.01 million shares to 22.39 million. Data from Yahoo Finance shows that the short interest on Jan 31, 2024 was 19.38 million shares. A jump of 13.44% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.98 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.98.
