7 Cheapest Penny Stocks to Buy Now

3. Nokia Oyj (NYSE:NOK)

Share Price: $4.35

Forward P/E Ratio: 11.53

Earnings Growth This Year: 19.40%    

Number of Hedge Fund Holders: 18

Nokia Oyj (NYSE:NOK) is a technology company that focuses on telecommunication and networking technology. The company used to be a market leader in the hardware market, however now it is focused on specializing in the network industry. It has made significant progress in wireless and wired communications and is also focusing on the latest IoT technologies.

To shift its focus on networking management announced divestment of its ASN business and is also intending to buy Infinera. Due to tough market conditions, the net sales for Nokia Oyj (NYSE:NOK) declined by 18% in Q2 2024. To address the situation management has initiated a cost-saving program and plans on saving $893.64 million to $1340.46 million during the next 2 years.

The company has recently started to show improvement in terms of order intake. Its Network Infrastructure segment posted an improvement in order intake for the third consecutive quarter. Moreover, it also generated around $450 million in free cash flow during the quarter, giving confidence to management for keeping its guidance for the full year intact.