In the face of extremely negative sentiment, two investment banks, namely Morgan Stanley (MS) and Goldman Sachs (GS) increased the number of Nokia shares they were holding greatly in the last quarter. In the beginning of last quarter, Goldman Sachs held 61 million shares of Nokia. As of the end of the last quarter, the investment bank holds 116 million shares of the company. This indicates an increase of nearly 90%. As for Morgan Stanley, the bank held 4 million shares of the company in the beginning of the quarter, whereas, it ended up holding 32 million shares by the end of the quarter. This is an increase of nearly 700%.
Some other institutions also increased their stakes in the company. Barclays increased the number of its Nokia shares by 115% whereas Credit Suisse increased its Nokia shares by 94%. The global investment group of Barclays also initiated a long position in the company with nearly 1 million shares. Bank of America (BAC) and UBS decreased their Nokia holdings in the quarter, but this could be part of asset sales by these two banks.
Sentiment: Strong Buy
Goldman did switch to a buy recommendation a few days ago and something like a $5 price target. That's huge considering they downgraded Nokia when it was at $1.80 for crying outloud and gave it something like a €1.32 target at the time and then, like Monkey Cramer, they reiterated their sell recommendation numerous times at key times to stall and drop any rally Nokia was having. Fortunately Nokia pushed through all these BS sell ratings but imagine what the stock could have done and could do if these big banks were pushing it up instead of holding it out. Now that they're on our side (officially) I can't wait to see.
FYI: I'm not sure Morgan upgraded Nokia but I am certain Goldman did cause I found and read the article myself.
Sentiment: Strong Buy
Same ol' wall st shanagans.... keeping the "sell" sign recommendation outside for the common folks to see while they instruct their inhouse traders to quietly hord blocks of shares. Once ready, they flip the sign to "buy" and then their market making cousins go to work with selling you shares on the offer side. The Wall Street machine is alive and well. These firms don't take positions unless they know they've got a sure thing happening.