5 Best Very Cheap Stocks to Buy Right Now

1. Nokia Corporation (NYSE: NOK)

Number of Hedge Fund Holders: 21
Price as of June 25: $5.47

Topping the list of 15 best very cheap stocks to buy right now is Nokia Corporation (NYSE: NOK). The Finland-based telecommunications and consumer electronics company was founded in 1865 and has grown to become one of the world’s largest mobile phone manufacturers. In recent years, the company has moved its attention away from mobile phone production and toward the rapidly expanding 5G technology infrastructure and equipment.

The company has a market cap of $31 billion. The stock has offered investors returns exceeding 29% over the past twelve months. Shares of NOK are also up 11% in the last month. The company’s revenue in the first quarter of 2021 came in at $6.2 billion, up 3% from $5.9 billion in the first quarter of 2020. The technology firm reported $0.08 EPS for the quarter, $0.07 higher than analysts’ expectations of $0.01. Nokia Corporation adjusted its revenue outlook for the fiscal year 2021 from $25 billion to $26.4 billion. On May 7, Morgan Stanley upgraded its rating on Nokia Corporation from Equal-Weight to Overweight. As of June 11, Nokia Corporation’s (NYSE: NOK) forward PE ratio is 18.65 while its price to sales ratio is 1.191.

There were 21 hedge funds that reported owning stakes in Nokia Corporation (NYSE: NOK) at the end of the first quarter, up from 19 funds a quarter earlier. The total value of these stakes at the end of Q1 is $353 million.

You can also take a peek at 10 Best Tech Stocks to Buy According to Billionaire Julian Robertson and Top Chinese Companies on NASDAQ.

Follow Insider Monkey on Twitter