NOK Stock Price and News: Nokia (NOK) recovers ground as retail stocks rise

NYSE:NOK shares are up 3.5% on Wednesday as retail stocks recover ground.
r/WallStreetBets favoured stocks all bounce from Tuesday lows.
Nokia Oyj (NOK) performing strongly in 2021 as retail traders poured in.

Stocks Reporter FXStreet

Update Feb 03: Nokia (NOK) recovered on Wednesday as the retail trade looked to bounce back. Shares in Gamestop (GME), Blackberry (BB), AMC and others all bounced on Wednesday as retail brokers reduced purchase restrictions on selected shares.

Update: Nokia (NOK) shares suffered during Tuesday's session as the Reddit-fueled rally in certain names appeared to fizzle out. The catalyst was likely the large fall in Gamestop (GME) short interest and borrowing costs, meaning new shorts could take advantage of the elevated prices. Nokia (NOK) and Blackberry (BB) had been seen by the /wallstreetbets traders as former tech giants waiting to be turned around and both had high short interests.

Update: Nokia is knocked down – NYSE: NOK has been on the back foot in Tuesday's session, falling around 10% to $4.42. Shares of the Finnish telecom company – once the dominant mobile phone maker – is returning to its image of a fallen giant. While Nokia is not falling as much as GameStop (NYSE: GME), it is still shedding ground. Can it recover? It is essential to remember that the firm reinvented itself and may have room to rise based on fundamentals related to its current business. Nevertheless, it is struggling to cope with the shift of WSB traders to silver, abandoning previously hot stocks. For other stocks, see Best Stocks to Buy Forecast 2021: Vaccines and zero rates to broaden recovery

Update: Nokia (NYSE:NOK) has risen by 7.24% on Monday, beating the trend of other short-squeezed stocks highlighted on Reddit's WallStreetBets. Moreover, Tuesday's premarket trading, is only a minor slide. Retail traders have "migrated" to silver, which is a far bigger market but may return to short-hunting on companies such as Nokia. Moreover, the Finnish firm has been reinventing itself in recent years and has a decent bullish case behind it.

NYSE:NOK has been reeled into the current Wall Street war between hedge fund managers and the Reddit subgroup r/WallStreetBets and it is not even a highly shorted company. Shares of the Finnish telecom giant sank by 2.77% on Friday and the stock closed at a price of $4.56 to end a tumultuous week on Wall Street. Nokia saw a daily transaction volume of over 358 million shares, which is more than five times the average daily volume of 70 million shares. During the past week, Nokia hit a new 52-week high of $9.79 before settling back down to its current price levels.

It has been quite the week for Nokia shareholders who unexpectedly got swept up in the great short squeeze of 2021. While other stocks like GameStop (NYSE:GME) and AMC (NYSE:AMC) are known to have massive short positions against them, Nokia does not, which makes it all the more confusing as to why it has been included. Because of its recent trading volume, mobile trading platform Robinhood has added Nokia to its banned stock list to limit how much investors can trade it.

NOK stock forecast

Like BlackBerry (NYSE:BB), Nokia actually has its own legs to stand on after the r/WallStreetBets rally ends, as the firm is still a global leader in telecom services. For its part, Nokia is already trying to distance itself from the movement, publicly stating that they are not aware of any material, undisclosed corporate developments or material change.

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