How to Buy Nokia [NOK] Stock Right Now • Benzinga

With the start of 2021, Wall Street has been hit by a new phenomenon, the meteoric rise in popularity of the reddit group “wallstreetbets”. As this collective group of retail traders continue to target highly shorted Gamestop (NYSE: GME) and the hedge funds short the stock, other stocks have begun to rally alongside it. One such stock is Nokia (NYSE: NOK), which has skyrocketed in January, rising from $3.85 on January 1 to a high of $9.79 on January 27. As of publishing this the price of Nokia is hovering around $5.50. 

Celebrities have also taken note, with adult film star Mia Khalifa weighing in on twitter, tweeting “BUY NOKIA!!!!!!!” Dave Portnoy summed up the current state of Nokia’s stock and others this morning, tweeting “…TONIGHT WE DRINK…TOMORROW WE GO TO WAR $nok $amc $wsb”

Are you thinking about investing in NOK? Our guide for beginners will help you begin. Open a brokerage account and place your first order today.

If you are a past investor in the stock market, then you already know the basic steps to go through when buying Nokia stock. If this is your first time investing, here’s how to get started.

Whether you are buying Nokia as a long-term investment or are looking to day trade it, you must first begin by opening a brokerage account. A broker is a financial services firm that acts as the connector between an investor and the securities exchange, ultimately buying and selling stocks on your behalf. There are numerous brokers offering both free and commission-based trading platforms. Every brokerage firm listed in the United States will allow you to buy and sell Nokia stock, as NOK is listed on the New York Stock Exchange.

Some of the factors to consider when choosing a broker include:

• The fee structure of the brokerage firm
• The research tools offered
• The experience level of the average user
• Other markets offered outside of the NYSE
• Different order types that are supported

Unsure of where to begin your search? Browse some of the best brokers for beginners below

Once you open and fund your brokerage account, you next need to decide how many shares of NOK you want to purchase. Start by looking at the current price of NOK and evaluating how much money you are willing to risk. Assume that if you invest today that your order will be filled near the current market price. Keep in mind that your investment can decrease in value at any time, so take a look at the historical chart of NOK to better define when you want to sell.

The type of order you select will indicate to your broker the price you are willing to pay, the timeframe for executive, etc. Choosing the appropriate order type gives you greater control over its execution and ultimately over your investment. Here are some of the more common terms you may come across when placing an order.

The bid price is the highest price that a buyer is willing to pay for a share of the stock. Knowing this can prevent you from overpaying for a stock.

The ask price is the lowest price that a seller is willing to take for a share of the stock. Buy keeping this in mind, you can avoid accepting too lower of a price when selling shares of a stock.

The spread is the difference between the lowest ask price and the highest price. Low priced stocks and those with lower trading volumes tend to a wider spread, while blue chip stocks like Apple tend to have a lower spread. 

A limit order is an order to buy or sell a stock at a pre-defined price or better. For example, you might set a limit order that tells your broker that you want to buy NOK stock at a maximum price of $5 a share. If the price of NOK falls below $5, your broker will execute the order. If the price of NOK rises above $5 a share, your broker will halt the order until prices drop again. This gives you more control over the price you pay per share and ultimately the risk you are taking on the trade.

A market order is an order to buy or sell shares at the current market price. This order will be executed at whatever the prevailing price is, regardless of how much the stock is moving up or down. Accordingly, market orders give you less control over the specific price you pay, but oftentimes allow you to buy or sell much faster than a limit order. 

A stop-loss order is a type of sell order that will trigger once a stock falls to a certain price. For example, let’s say you bought 10 shares of NOK stock at an average price of $5 a share. You might set a stop-loss order at $4.48. This means that if the price of NOK falls to $4.48, your broker will automatically sell your shares. Stop-loss orders help you manage your risk by selling off your investments when they reach a low-end price point. 

A stop-limit order is a type of order that combines a stop-loss order and a limit order. When you place a stop-limit order, you have to set an upper limit and lower limit price. For example, if you’re buying NOK, you might set a limit price of $5.10 and a stop price of $4.90.

If the price of NOK rises above $4.90, your stop-limit order will be converted to a limit order. From here, your broker will fill the order as long as NOK stock can be purchased for $5.10 a share or less. If the price rises above $5.10, your broker will stop filling the order. This gives you as the investor farmore control over the price that your order is filled at. 

After you’ve completed your order form and submitted it to your brokerage, you can sit back and let the broker do the work for you. The amount of time it will take to fill your order will depend on the type of order you placed, the current market conditions, and the average price of NOK. Most brokers allow you to be notified by push notification and/or email once your order has been filled. Depending on your broker and the type of order placed, you may have to place the order again tomorrow if it is unable to be filled during market hours.

Headquartered in the greater Helsinki, Finland area, Nokia is largely a hardware, software, and telecommunications company. Originally founded in 1865, Nokia now employs over 100,000 people across over 100 countries. Nokia’s stock priced peaked at over $59 dollars in 2000 at the peak of the dot-com bubble.

Outside of 2000, Nokia’s most successful year financially was in 2007 when Nokia was the highest-selling mobile phone company in the world, commanding over 40% of the market share. The stock price of NOK had a second peak at around $40 in October of 2007. As of 2019, Nokia has continued cutting costs as it prepares for the continuing transition to 5G technology.  

As the world continues to transition to 5G technology, companies like Nokia are positioned well to take advantage of this change. Furthermore, with other well-established companies moving recently in tandem with the wallstreetbets GME pump, Nokia will be looking to capitalize on this momentum. While Nokia’s recent volatility may not be sustainable, NOK could prove to be an interesting long-term investment for those looking to put money into the rapidly expanding 5G space.

If you do plan on investing in NOK, understand that you may be taking a risk on a stock that has shown significant recent growth. The current increase in price of NOK continues to gain more media attention, in large part thanks to celebrities like Mia Khalifa and Dave Portnoy tweeting about the stock. Nokia’s over 100% intraday move on January 27th was unprecedented for the company, making it the second most traded stock on the NYSE at 1.14 billion shares. While there may be room for further growth, NOK could crash down in value rapidly and with little notice.

Whether you’re investing in NOK, shorting it, or searching for stocks under $10 to add to your long-term portfolio, it’s crucial to do your own due diligence before you invest. Although you risk more investing in NOK compared to investing in diversified funds, any type of investment can decrease in value. Never invest more money than you can afford to lose, and diversify your positions to limit losses in the event that the market goes against you.