We recently compiled a list of the 10 Best NYSE Penny Stocks To Buy. In this article, we are going to take a look at where Nokia Oyj (NYSE:NOK) stands against the other NYSE penny stocks.
The latest Consumer Price Index (CPI) data by the Bureau of Labor Statistics was released on June 12, showing a deceleration in inflation, which could be positive for the US market and economy. Stabilizing prices, particularly in core categories like shelter and food, indicate potential relief for consumers and might influence the Federal Reserve’s monetary policy decisions favorably. The steadying of inflation could enhance consumer confidence and support economic stability.
Additionally, the latest inflation report for May, released on June 28, showed that personal income in the U.S. increased by $114.1 billion, up 0.5%, while disposable personal income (DPI) also rose by 0.5% to $94 billion. The core Personal Consumption Expenditures (PCE) index, excluding food and energy costs, rose by 0.1% from April, matching Wall Street’s expectations. Annually, core PCE increased by 2.6%, the smallest gain in over three years.
The data showed a steady rise in income and spending, indicating rising incomes, controlled inflation, and increased consumer spending. This suggests steady economic growth and stability, along with manageable inflationary pressures.
What Does the Data Mean for Small-Cap Stocks?
The Fed’s latest meeting indicated some improvement in lowering inflation toward the desired 2% target. The latest data might not be sufficient yet, but it is a good start to making up the Fed’s mind toward rate cuts. The CME FedWatch Tool reveals that 58% of the market believes that the Fed will cut rates by 25 basis points.
Nokia Oyj (NYSE:NOK) is a Finland-based company offering mobile, fixed, and cloud network solutions. It is one of the best NYSE penny stocks to buy. In the first quarter, 13 hedge funds had stakes in Nokia Oyj (NYSE:NOK), with total positions worth $441.823 million. As of March 31, Pzena Investment Management is the biggest shareholder in the company with a stake worth $239 million.
Nokia Oyj (NYSE:NOK) has been strategically expanding its partnership network in recent months, focusing on AI and 5G technologies. The company’s partnerships with Nvidia, Google, and Dell aim to enhance its capabilities in these areas, positioning it well for growth. As of June 27, Nokia is trading at a forward PE ratio of 9.53, at a 73% discount from the industry average, making it one of the best NYSE penny stocks to buy now.
Overall, NOK ranks 4th on our list of the best NYSE penny stocks to buy. While Nokia shows promise, we believe that AI stocks hold greater potential for higher returns in a shorter timeframe. If you are looking for a promising AI stock, check out our report on the cheapest AI stock.
Disclosure: None.