Shares of Nokia (EPA: NOKIA) are trading in a sideways fashion after a period of higher volatility amid the WSB frenzy.
Fundamental analysis: HMD Global rolls out new series of Nokia phones
HMD Global, the company behind the Nokia mobile brand introduced a new series of smartphones on Thursday as the startup struggles to compete with giants Samsung and Apple.
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HMD Global acquired Nokia’s phone unit in 2016 and has the license to make and sell Nokia phones ever since. Over this period, the startup has launched a number of smartphones and “dumb phones”, such as the redesigned versions of the Nokia 8110 and 2720 flip model.
And just yesterday, Nokia introduced 6 new models across three different series: X, G, and C.
The X series involves the flagship models, while G is somewhat less expensive and the budget-friendly C series. The Nokia C10 costs only €75 ($89), while the most expensive model and best in terms of specs is the Nokia X20, priced at 349 euros, or about $415.
The X20 features a 6.67-inch screen, four back cameras including a 64-megapixel main lens, and it supports 5G internet. Both X20 and the cheaper X10 feature Qualcomm’s Snapdragon 480 5G chipset and operate on Google’s Android operating system.
The Finnish company has been struggling to close the gap behind big hitters including Apple, Samsung, and Huawei in the smartphone market.
“I think it will continue to be very hard for (Nokia) to be able to compete in the highest portfolios on the market — that’s why they are now targeting lower price bands,” said Francisco Jeronimo, associate vice president for European devices at IDC.
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Technical analysis: Consolidation taking place
Shares of Nokia are trading in a tight consolidating range after a period of higher volatility. On a monthly level, Nokia stock is up over 1% after it gained a bit more than 3% in March.
Nokia stock price is trading between the two key moving averages on a daily chart, with these two indicators defining a tight price range of 3.40 – 3.54. The former level also hosts the ascending trend line that further supports the price action. Oppositely, investors looking to buy Nokia shares are likely to have to wait for a break of 3.54 for a move towards 3.70.
The manufacturer of Nokia phones HMD Global launched a new series of smartphones today in a bid to compete with giants Samsung and Apple. In the meantime, Nokia shares are trading in a tight range that is likely to facilitate a break soon.