8 Best Large Cap Penny Stocks to Invest In

4. Nokia Oyj (NYSE:NOK)

Number of Hedge Fund Holders: 16

Share Price as of February 14: $4.99

Market Cap as of February 14: $26.81 billion

Nokia Oyj (NYSE:NOK) provides mobile, fixed, and cloud network solutions globally. It operates through four segments: Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies. It offers products and services like fixed and IP networking solutions, optical and submarine networks, and mobile technology. It also provides cloud and network services, enterprise solutions, and licenses intellectual property.

Its Network Infrastructure segment drove significant growth in Q4 2024, with net sales up 17% year-over-year. All units contributed, but IP networks were the star performers and surged 24%. This was driven by improved trends among its service provider customers and increased demand in North America and India.

The company expects this momentum to continue into 2025, predicting strong growth for Network Infrastructure. On February 5, Nokia Oyj (NYSE:NOK) and StarHub announced the completion of a nationwide 10 Gbps fiber network rollout in Singapore. This network uses Nokia’s technology and makes StarHub the first operator globally with a fully software-based access network. To further capitalize on the Network Infrastructure segment, the company is investing more in its IP networks business, aiming for an additional €1 billion in sales by 2028, particularly in the data center market.