NOKIA enters the week having gained 34% over the past month, yet almost every lending-market signal points to diminishing short conviction — a stock re-rating without a squeeze story attached.
The most striking shift is in the borrow pool. Availability has widened sharply to nearly 2,854% — meaning there are roughly 28 shares available to borrow for every one currently lent out. That reading is well above the 52-week floor of 906% and marks a dramatic reversal from the tight conditions seen in mid-April, when availability compressed to around 1,134% as shorts built into the Q1 print. Since then, short pressure has evaporated. The ORTEX short score has drifted lower to 27.1, down from 28.9 a week ago and a fraction of the 52.7 reading logged around the April 28 borrow spike. Cost to borrow reinforces the same message: it has settled near 0.91%, close to its lowest levels of the past year and a world away from the brief 3.1% flare seen on April 24 around the post-earnings scramble. The lending market no longer reflects stress — it reflects a stock that shorts have largely walked away from.
That backdrop sits against a remarkable price run. Nokia closed at €11.59, up 4.5% on the week and 34% over the month. The Q1 earnings event on April 23 delivered a 5.1% single-day gain and a 24.6% five-day return — a print that clearly reset expectations. The next scheduled release is July 23. Correlated peer gained 4.3% on the week, broadly in line with Nokia. surged 16.9%, an outlier driven by its own results. Smaller names like and were weaker, falling 3.2% and 7.3% respectively, suggesting the telecoms equipment complex is not moving as a unified bloc — Nokia's momentum is partly its own story.
Factor scores add texture to where investor confidence is concentrated. The forward EPS growth ranking places Nokia in the 94th percentile year-on-year, and 30-day EPS momentum ranks at 72. The dividend score is exceptional at the 97th percentile, supported by the €0.04 cash dividend paid in late April. The short score rank sits at the 91st percentile — not because shorts are aggressive, but because they are conspicuously absent relative to history. Valuation has re-rated alongside the price: the price-to-earnings multiple has climbed roughly 5.5 points over 30 days to 32.5x, and price-to-book has moved up 0.69 points to 2.96x. The stock is no longer cheap, and the EV/EBITDA of 18.4x has actually compressed slightly on the week, suggesting earnings estimates are moving up faster than the share price in some measures. Analyst data in the snapshot is too stale to cite with confidence.
The ownership picture adds one more thread. FMR (Fidelity) reported a 10.4% stake as of April 30, having added roughly 287 million shares in the most recent filing — a substantial accumulation. The Finnish state holding company Solidium sits at 5.95% unchanged. BlackRock and Vanguard have both made small additions. On the insider side, the CEO and Chairman purchases from April 28 — covered in the previous trader note — remain the dominant signal, with 90-day net buying above 707,000 shares worth approximately $5.6 million. The recent VP-level sell activity on April 29 was small in size and low in significance, and does not materially alter the picture painted by that C-suite cluster buy.
The question heading into summer is whether the re-rating can hold at current multiples without another earnings catalyst — the July 23 print is now the natural focus for anyone watching how durable the momentum-led repricing turns out to be.
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