NOKIA has now shed 17% in five sessions to close at €11.97, extending the reversal that began last week and wiping out the bulk of a strong month-long run. The story this week is straightforward: a stock that had been carried to its 52-week high by momentum and insider conviction is giving back those gains faster than it built them, with peers falling in sympathy and the lending market offering no signal that short sellers are driving the move.
The borrow market confirms this is not a short-led selloff. Cost to borrow briefly spiked to 3.69% on June 3, but has since collapsed back to 0.85% — well within the sub-1% range that has been the norm for most of the past six weeks. Availability has widened sharply, now running at roughly 6,200%, meaning there are more than 60 shares in the lending pool for every one currently borrowed. That is close to the loosest reading of the year. The short score has also drifted gently lower, touching 26.1 on Tuesday. Nothing in the lending data suggests an organised short campaign. This is a price correction without meaningful short-side fuel.
The broader peer group is confirming the move is sector-wide rather than Nokia-specific. HLIT fell 14% on the week, dropped 14%, and led the group lower with a 23% decline. held up better, off just 2.5%. The read across is clear: telecom equipment names are being sold broadly, and Nokia is caught in that wave rather than standing out as a single-name target.
Insider buying remains the most relevant counter-data point, though it is now six weeks old and €2-plus out of the money. The Chairman and CEO both bought in late April at prices around €9.10, collectively committing close to €1.5 million. Those positions are still showing a gain at current prices, but the cushion has narrowed materially from the highs above €14 reached mid-month. The net insider position over the past 90 days remains clearly positive — net buys of roughly 708,000 shares at a collective value near €5.6 million. That conviction looks well-timed on a six-month view even after this week's selloff, but it provides no near-term floor.
One factor score worth noting: the forward EPS revision trend remains strong, ranking in the 94th percentile on 12-month forward earnings growth. That is the residue of April's better-than-expected Q1 print, which drove a 5% one-day move and a 25% five-day run. Nokia's next earnings date is July 23, which puts a natural catalyst about six weeks out. Between now and then, the key question is whether the €11.97 level — roughly where the stock traded before the April earnings spike began — acts as support, or whether the broader telecom equipment selloff pulls it back toward pre-rally territory.
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