10 Best NYSE Penny Stocks To Buy

4. Nokia Oyj (NYSE:NOK)

Share Price as of June 27: $3.73

Number of Hedge Fund Holders: 13

Nokia Oyj (NYSE:NOK) is a Finland-based company that offers mobile, fixed, and cloud network solutions. It is one of the best NYSE penny stocks to buy. In the first quarter, 13 hedge funds had stakes in Nokia Oyj (NYSE:NOK), with total positions worth $441.823 million. As of March 31, Pzena Investment Management is the biggest shareholder in the company with a stake worth $239 million.

Nokia Oyj (NYSE:NOK) has been strategically expanding its partnership network in recent months, which shows the management’s plan to grow the company with regard to AI and 5G technologies. The company entered into partnerships with Nvidia, Google, and Dell in the first half of 2024. The partnership with Nvidia focuses on AI-ready radio access network solutions and makes use of Nvidia’s AI technology to enhance Nokia’s Cloud RAN capabilities. This move is significant as edge computing gains popularity, particularly in the advancement of AI development and deployment across telecommunications infrastructure. Furthermore, Nokia’s recent agreement with Alphabet’s Google Cloud focuses on integrating Google’s AI solutions like Vertex AI and Gemini 1.5 Pro into Nokia’s Network. This integration is focused on furthering the development of 5G enterprise and consumer applications. Nokia Oyj’s (NYSE:NOK) tactful partnerships with leading AI and cloud computing companies position it well to capitalize on the fast-growing AI and 5G markets and give the company a substantial growth opportunity. Even capturing an adequate fraction of this market could potentially grow the company’s annual revenue.

As of June 27, Nokia is trading at a forward PE ratio of 9.53, at a 73% discount from the industry average, making it one of the best NYSE penny stocks to buy now.