5 Most Promising Low-Cost Stocks According to Analysts

4. Vodafone Group Plc (NASDAQ:VOD)

Upside Potential as of December 20: 52.96%

Number of Hedge Fund Holders: 22

London, UK-based Vodafone Group Plc (NASDAQ:VOD) is the largest pan-European and African telecoms company providing mobile and fixed services to over 300 million customers in 17 countries. It also serves more than 73 million people across seven countries with Vodacom Financial Services and M-Pesa – the largest financial technology platform in Africa.

On October 31, Vodafone Group Plc (NASDAQ:VOD) announced the signing of agreements to sell its Vodafone Spain business to Zegona Communications plc in a transaction valued at €5.0 billion. The consideration comprises €4.1 billion in cash and up to €0.9 billion in the form of Redeemable Preference Shares

The transaction is part of Vodafone Group Plc (NASDAQ:VOD) strategy to scale back its European operations. The company intends to “review the optimal use of proceeds in the context of a broader capital allocation review.”

As of Q3 2023, Vodafone Group Plc (NASDAQ:VOD) shares were held by 22 hedge funds. Jim Simons’ Renaissance Technologies was the largest hedge fund shareholder with ownership of 13.8 million shares valued at $131 million.