5 Robinhood Stocks with Biggest Upside

4. Nokia Corporation (NYSE:NOK)

Number of Hedge Fund Holders: 15

Nokia Corporation (NYSE:NOK) ranks 4th in our list of the best Robinhood stocks with upside potential. Nokia Corporation (NYSE:NOK) remains a behemoth in the telecom and connectivity segment and the company is also expanding its home connectivity offerings.

Insider Monkey’s database of 910 hedge funds shows that 15 hedge funds had stakes in Nokia Corporation (NYSE:NOK).

Artisan International Value Fund made the following comment about Nokia Oyj (NYSE:NOK) in its second quarter 2023 investor letter:

“Nokia Oyj (NYSE:NOK) is the world’s third-largest provider of telecommunications equipment. The company sells its products to service providers, such as AT&T and Vodaphone. While we have held the stock, new management has simultaneously improved competitiveness and reduced costs—a remarkable achievement that has resulted in improved growth and profitability. Despite that, the share price has declined, and the valuation multiple has shrunk below 10X forward earnings. The reason is that telecommunications operators are cutting back on investment. Higher interest rates, inflation and competition are eating into customer cash flows, resulting in less capital spending. For now, Nokia will experience reduced demand. At some point, the ever-increasing need for wire and wireless bandwidth will force service providers to increase investment. In addition, Nokia’s market share is improving due to geopolitical changes and improved market competitiveness. The share price declined by 15% during the quarter.”