The stock has swung from being way undervalued at $1.63 to now over-valued (imo) at $2.41. My own feeling is that the stock is worth around $2.17 at this point. Two things are driving the price - the quarterly results showing Nokia had more reserves of cash than the market had expected, and more recently the sheer volume of trades is escalating the price. Today, for example, 92.1 million NOK shares traded (1.8 times its average daily volume).