Nokia shares jump as legacy tech brands become Reddit traders’ new playgrounds

Nokia shares jump as legacy tech brands become Reddit traders’ new playgrounds

Nokia stock jumps as the WallStreetBets crowd finds another legacy tech name.

Reuters

Nokia shares jumped 8% on Wednesday as Reddit's day-trader army found another target.

The Finnish telecommunications company announced the first one terabit clear-channel interface deployment with Elisa.

Nokia also received a boost from SEB, the firm raised its price target from $4.25 to $4.60 per share.

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Nokia shares jumped as much as 10% on Wednesday as Reddit's day-trader army boosted the name.

The Finnish telecommunications company has become the latest legacy tech star on Reddit's WallStreetBets forum.

"It is as if someone found a newspaper from 2006 to identify who were the golden tech companies from back then," Neil Campling, an analyst at Mirabaud Securities, said in written comments, per Bloomberg.

"Then add in the perceived attraction of a low absolute dollar stock price in the single digits, and a brand people remember and bought blindly hoping they had discovered the next Tesla," the analyst concluded.





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Legacy tech names and struggling retailers like Blackberry and GameStop have seen