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Nokia (NOK) Falls as Investors Focus on Cash Flow and Restructuring Despite Strong Q3 Growth

Investivoq PriceTracker

Nokia (NOK) is down 8.6% today. Here is some analysis on what might have caused this price movement.

Analysis: The selloff appears tied less to Nokia’s top-line performance and more to investor concern about cash conversion and heavier restructuring costs. This could be because the company delivered strong third-quarter sales and profit growth, but also lowered its free-cash-flow conversion assumption for 2026 and disclosed additional working-capital investment needs.

Details:

  • Nokia kept its full-year 2026 comparable operating profit outlook unchanged at EUR 2.1 billion to EUR 2.6 billion after reporting third-quarter net sales of EUR 5.154 billion, up 10% on a reported basis.
  • Comparable operating profit rose 35% to EUR 605 million, while comparable diluted EPS from continuing operations increased to EUR 0.09 from EUR 0.06 a year earlier.
  • The company lowered its free-cash-flow conversion assumption to 35% to 55% and said it plans to invest an additional EUR 400 million in working capital during 2026 to secure supply and support growth opportunities in 2027.
  • Nokia also raised expected restructuring-related charges to EUR 1.1 billion and said reported operating margin was pressured by accelerated restructuring and integration costs, which may have weighed on sentiment even with AI and cloud demand improving.

    • Sources:

    Nokia, SEC, MarketScreener

    Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

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    $NOK Hedge Fund Activity

    We have seen 482 institutional investors add shares of $NOK stock to their portfolio, and 246 decrease their positions in their most recent quarter.

    Here are some of the largest recent moves:

    • ARTISAN PARTNERS LIMITED PARTNERSHIP removed 91,298,033 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $1,212,437,878
    • FMR LLC removed 67,001,580 shares (-30.1%) from their portfolio in Q2 2026, for an estimated $889,780,982
    • PZENA INVESTMENT MANAGEMENT LLC removed 58,414,612 shares (-92.1%) from their portfolio in Q2 2026, for an estimated $775,746,047
    • ALKEON CAPITAL MANAGEMENT LLC added 36,000,000 shares (+inf%) to their portfolio in Q2 2026, for an estimated $478,080,000
    • SLATE PATH CAPITAL LP removed 35,838,802 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $475,939,290
    • VOYA INVESTMENT MANAGEMENT LLC added 26,287,259 shares (+2684.4%) to their portfolio in Q2 2026, for an estimated $349,094,799
    • CAPITAL WORLD INVESTORS added 25,599,787 shares (+inf%) to their portfolio in Q2 2026, for an estimated $339,965,171

    To track hedge funds' stock portfolios, check out Investivoq's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Investivoq API 13F endpoint.

    $NOK Congressional Stock Trading

    Members of Congress have traded $NOK stock 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.

    Here’s a breakdown of recent trading of $NOK stock by members of Congress over the last 6 months:

    • REPRESENTATIVE LAUREL M. LEE has traded it 2 times. They made 0 purchases and 2 sales worth up to $65,000 on 06/02, 05/11.

    To track congressional stock trading, check out Investivoq's congressional trading dashboard. You can access data on congressional stock trades through the Investivoq API Congress trades endpoint.

    $NOK Price Targets

    Multiple analysts have issued price targets for $NOK recently. We have seen 2 analysts offer price targets for $NOK in the last 6 months, with a median target of $18.0.

    Here are some recent targets:

    • Sandeep Deshpande from JP Morgan set a target price of $21.0 on 06/12/2026
    • Jim Kelleher from Argus Research set a target price of $15.0 on 04/27/2026

    This article is not financial advice. See Investivoq's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.