11 Most Undervalued Cloud Stocks Under $10 According to Hedge Funds

5. Nokia Oyj (NYSE:NOK)

Forward Price-to-Earnings: 13.59

Number of Hedge Funds: 29

With a share price under $10, strong hedge fund interest, and a low price-to-earnings ratio, Nokia Oyj (NYSE:NOK) makes it onto our list of the 11 Most Undervalued Cloud Stocks Under $10 According to Hedge Funds.

On July 22, 2025, Nokia Oyj (NYSE:NOK) released its revised full-year 2025 financial outlook ahead of its Q2 results. Based on the revised guidance, the company expects a comparable operating profit of $1.88–2.47 billion, down from the previous guidance range of $2.24-2.83 billion. This revision in operating profit guidance is attributed to a weaker US dollar and ongoing tariff impacts.

Now, Nokia Oyj (NYSE:NOK) bases its projections on a EUR: USD exchange rate of 1.17, in contrast to 1.04 in January. The currency risk is expected to have a negative impact of $270.79 million on profits. Meanwhile, tariffs are expected to negatively impact earnings by $58.87-94.19 million.

Meanwhile, on July 24, 2025, Nokia Oyj (NYSE:NOK) reported its performance for Q2 that ended June 30, 2025. The company’s comparable net sales were flat at EUR 5.35 billion. Sales declined 1% on a constant currency basis due to a 13% decline in Mobile Networks. Meanwhile, the Network Infrastructure and Cloud & Network Services segments recorded growth of 8% and 14%, respectively.

A venture fund loss of $58.79 million contributed to a 6.6% decline in operating margin, leading to a decrease in EPS from $0.07 per share in Q2 2024 to $0.05 in Q2 2025. Furthermore, free cash flow stood at $103.47 million, declining due to debt repayment.

Operating through Network Infrastructure, Mobile Networks, Cloud and Network Services, and Nokia Technologies segments, Nokia Oyj (NYSE:NOK) offers mobile, fixed, and cloud network solutions across the globe. It is included in our list of the best cloud stocks.