Redditors are Buying AMD and 4 Other Stocks on the Dip

4. Nokia Oyj (NYSE:NOK)

Number of Hedge Fund Holders: 20

Percentage Decrease in Share Price Over Past Six Months: 12%   

Nokia Oyj (NYSE:NOK) provides mobile, fixed, and cloud network solutions worldwide. On September 8, the company announced that it would extend the industrial portfolio of user equipment to facilitate private wireless network connectivity in North America. As part of the plan, the company aims to use a 5G field router and dongle to enable Internet of Things connectivity for enterprises, educational establishments, cities, and other entities. The firm is also building an optical transport network in Australia. 

On September 15, Credit Suisse analyst Adithya Metuku maintained a Buy rating on Nokia Oyj (NYSE:NOK) stock and increased the price target to EUR 6.31 from EUR 5.45, noting that the firm was better placed than Ericsson amid wireless capex headwinds. 

At the end of the second quarter of 2022, 20 hedge funds in the database of Insider Monkey held stakes worth $309 million in Nokia Oyj (NYSE:NOK), compared to 22 in the preceding quarter worth $565 million.