5 Penny Stocks to Buy in March

1. Nokia Oyj (NYSE:NOK)

Number of Hedge Fund Holders: 26

Share Price (as of March 3): $4.96

Nokia Oyj (NYSE:NOK) is a Finnish telecommunications giant, which has been making waves with its forays into the lucrative 5G market, winning infrastructure contracts around the world. In February, Callum Keown of Barron’s said that Nokia Oyj (NYSE:NOK) had successfully completed the first part of its turnaround after a few bad years, and now has the perfect opportunity to become a dominant player in the 5G market, making it a good time to buy Nokia stock.

In the start of March, Nokia Oyj (NYSE:NOK) was selected by Indosat Ooredoo Hutchison (IOH) in a three-year contract, to deploy and expand its 4G and 5G network across Indonesia. Nokia will help IOH with the latest 5G equipment to ensure the firm becomes the most dominant digital telecommunications firm in the country.

Nokia Oyj (NYSE:NOK) also launched the first phase of its share buyback program in February, in which the total stock purchase will amount to €300 million or less. This buy back started on February 14, and will end by December 2022.

Nokia Oyj (NYSE:NOK) has seen its share price gain 24.62% in the last 12 months, as of March 3. The firm reported its Q4 EPS at $0.15, outperforming estimates by $0.02. Quarterly revenue of $7.33 billion was also above analysts’ forecasts by $54.89 million.

In the fourth quarter, Arrowstreet Capital was the largest shareholder of Nokia Oyj (NYSE:NOK), with 37.4 million shares valued at $232.3 million. Hedge fund sentiment on the Finnish company was up, with 26 hedge funds long on Nokia Oyj (NYSE:NOK) shares in Q4, as compared to 22 in the preceding quarter.

You can also take a look at 10 Best Stocks To Buy and Hold For 5 Years and 10 Best Solar Energy Stocks To Buy Now.

Follow Insider Monkey on Twitter