5 Undervalued European Stocks For The Rest of 2022

4. Nokia Oyj (NYSE:NOK)

Number of Hedge Fund Holders: 20

P/E Ratio as of November 7: 14.57

Nokia Oyj (NYSE:NOK) is a Finland-based company providing mobile, fixed, and cloud network solutions worldwide, operating through four segments – Mobile Networks, Network Infrastructure, Cloud and Network Services, and Nokia Technologies. Nokia Oyj (NYSE:NOK) is one of the best cheap stocks to invest in. On October 20, Nokia Oyj (NYSE:NOK) posted a Q3 non-GAAP EPS of €0.10 and a revenue of €6.2 billion, topping market estimates by €0.01 and €130 million, respectively. The company also raised its FY22 sales outlook. 

On October 25, Societe Generale analyst Aleksander Peterc maintained a Buy rating on Nokia Oyj (NYSE:NOK) but lowered the firm’s price target on the stock to EUR 5.40 from EUR 5.80. 

According to Insider Monkey’s Q2 data, 20 hedge funds were long Nokia Oyj (NYSE:NOK), compared to 22 funds in the prior quarter. Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital is the largest stakeholder of the company, with approximately 24 million shares worth $110 million. 

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