The Nokia Corp. (NYSE: NOK), a telecommunications equipment supplier, may significantly benefit from the 5G network expansion. The company can increase its revenues as mobile networks modernize and bring substantial returns to its investors. According to DNB Markets analysts, Nokia’s shares have been upgraded from “Sell” to “Buy,” and the price target has been raised from $ 4.83 to $ 5.79. Compared to current prices, the new estimate represents about a 20% increase.
Short sellers also targeted Nokia last week, leading to a sharp rise in share. However, Nokia has several positive market growth drivers that have attracted the attention of short players. Earlier this month Nokia’s competitor, Ericsson, published a quarterly report that included positive findings, particularly regarding the company’s worldwide rollout of 5G.
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Nokia has expected rapid adoption of 5G wireless technology to have growth prospects as a 5G equipment manufacturer. Investors have time to buy shares of this promising company when the fourth-quarter results are presented.
Nokia has announced that it has signed a contract with NASA to deploy the first cellular network in space. The Nokia Bell Labs company is working on a contract with NASA to build a reliable 4G / LTE network to the Moon by the end of 2022. To communicate through the network and control robots on the lunar surface, voice, video, and data transmission will be made available to spacecraft.
Let’s take a look at stock performance. Over the last month, the stock has gained 15.86%. If the period is extended to 3 months, it has gained 34.42%, has lost -4.23% over the last five days. When we compare the stock’s price volatility over the week and the month, we find it stands at 30.40% over the week and 9.99% on the month.