Nokia Stock Plummets After Mysterious Surge

More than 1.1 million calls have crossed the tape so far

Deputy Editor
Jan 28, 2021 at 12:44 PM
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Nokia Oyj (NYSE:NOK) is plummeting today, down 28.7% at $4.66 at last check. Today's negative price action comes after yesterday's surge to a nine-year high of $9.79, after which the stock pulled back to close at $6.55. The company noted that it was unaware of any reason for the surge in share price, but it's spectacular volume meant it joined GameStop (GME) and AMC Entertainment (AMC) as a restricted stock on the Robinhood investment app due to "market volatility." 

Options traders are chiming in at an overwhelming rate, with options volume running at seven times what's typically seen at this point. More specifically, NOK has seen more than 1.1 million calls and 150,000 puts cross the tape so far, with the most active option the weekly 1/29 10-strike call. 

Today's options pits echo the sentiment of the past 10 weeks, per Nokia stock's 50-day call/put volume ratio of 35.06 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This reading sits in the 98th percentile of its annual range, revealing long calls being picked up at a much faster-than-usual rate. 

On the analyst front, however, five of the six in coverage carry a lukewarm "hold" rating on NOK. Plus, the 12-month consensus price target of $4.53 is a 3.9% discount to current levels. 

 

 

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