Nokia (NOK) is a Finnish multinational information and communication technology company that was founded in the year 1865 by Fredrik Idesram, Leo Mechelin and Eduard Polon. Its head quarter is situated at Espoo, Uusimaa in the greater Helsinki metropolitan area. Nokia is a public limited liability company with listings on the New York Stock Exchange (NYSE) and the Helsinki Stock Exchange (HSE).

On Wednesday, 1st June 2016, Nokia announced that it has closed the acquisition of Withings S.A. earlier than had been expected. Originally, it had projected the deal to close at the end of fiscal 2016 third quarter. It has established a new Digital Health business unit through this acquisition. The acquisition was originally announced on April 26, 2016. This new Digital Health business unit is to be led by Cédric Hutchings, formerly CEO of Withings, who reports to Ramzi Haidamus, president of Nokia Technologies. Following this announcement of the $191 million acquisition of Withlings, Nokia shares are up 1.16% to $5.67.

“This is the beginning of an exciting new chapter in the history of Nokia Technologies as we extend our product portfolio to include a series of powerful digital health technologies,” said Ramzi Haidamus. “The Nokia brand is synonymous with innovation, connectivity and consumer technology and the acquisition of Withings puts us in a perfect position to capitalize on the huge opportunity in the health space. We’re excited to welcome the Withings team to the Nokia family.”

STOCK MARKET FORECAST: has identified a handful of stocks with serious upside potential in the next 12-months.  Learn more.

Come June 9, They will be hosting an invitation only event in San Francisco to share its vision for digital health and showcase its products, coinciding with the opening of its San Francisco office, in the heart of the Bay Area. The new product line includes activity trackers, blood pressure monitors, and baby monitors.
It is very obvious that they have been working on reinventing its name and itself since after selling its phone business to Microsoft two years earlier. The company’s strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses such as a generally disappointing performance in the stock itself, feeble growth in the company’s earnings per share and deteriorating net income.

Shares of Nokia are currently trading $5.70, up $0.10 or 1.70%. Nokia has a 1-year high of $7.63 and a 1-year low of $5.08. The stock’s 50-day moving average is $5.69 and its 200-day moving average is $6.38.

Must read: Goldcorp Stock Gradually Increasing By Rising Gold Prices

On the ratings front, Nokia has been the subject of a number of recent research reports. In a report issued on May 25, CLSA analyst Avi Silver upgraded Nokia to Buy, with a price target of $6.25, which implies an upside of 10.2% from current levels. Separately, on May 15, Canaccord Genuity’s Michael Walkley reiterated a Buy rating on the stock and has a price target of $7.