AFP
Shares of Nokia Corporation (NYSE: NOK) surged more than 20% on Tuesday, marking one of the stock’s strongest single-day rallies this year amid unusually heavy trading volume.
As of 3:52 p.m. UTC, Nokia was trading at $7.67, up $1.31 or 20.6% from the previous close. The stock opened at $6.42, reaching an intraday high of $7.73 and a low of $6.35, with over 72 million shares changing hands.
The rally propelled Nokia well above its recent trading range and beyond most analyst price targets, which have largely been between $5.40 and $6.30 in recent months. Over the past 52 weeks, the stock has traded between $3.91 and $5.48, according to data from CNBC.
While no single catalyst has been confirmed, analysts suggest the move may reflect renewed investor confidence in the telecom equipment sector or optimism around Nokia’s 5G and network infrastructure business. The company’s recent efforts to streamline operations and improve profitability have also drawn positive attention from market watchers.
“A move of this magnitude suggests a major shift in sentiment or expectations,” said a New York–based telecom analyst. “It could be related to new contract wins, guidance updates, or anticipation of stronger earnings.”
Nokia’s stock has struggled in recent years as global telecom operators curbed spending, but analysts have maintained a “Moderate Buy” consensus on the company, citing its improving balance sheet and competitive position in network technologies.
Market observers cautioned, however, that sharp intraday spikes often lead to short-term volatility as traders lock in profits or reassess valuations following major moves.
