VEON (NASDAQ:VEON) Stock Crosses Above 200 Day Moving Average Following Analyst Downgrade

VEON Ltd. (NASDAQ:VEON)’s share price passed above its two hundred day moving average during trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a two hundred day moving average of $50.99 and traded as high as $52.74. VEON shares last traded at $52.34, with a volume of 75,202 shares trading hands.

VEON has been the subject of a number of other research reports. Benchmark restated a “buy” rating and set a $60.00 price objective on shares of VEON in a report on Monday, June 16th. Wall Street Zen upgraded shares of VEON from a “buy” rating to a “strong-buy” rating in a research note on Sunday, June 29th. Finally, Litchfield Hills Research raised shares of VEON to a “strong-buy” rating in a report on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.00.

Hedge Funds Weigh In On VEON

Several hedge funds have recently made changes to their positions in the stock. Severin Investments LLC purchased a new stake in VEON during the 3rd quarter worth about $463,000. Dorsey Wright & Associates bought a new position in shares of VEON in the third quarter valued at approximately $1,273,000. Caxton Associates LLP boosted its position in shares of VEON by 174.0% in the third quarter. Caxton Associates LLP now owns 16,856 shares of the Wireless communications provider’s stock valued at $917,000 after acquiring an additional 10,704 shares during the period. Voleon Capital Management LP purchased a new position in VEON during the third quarter valued at approximately $1,282,000. Finally, VR Advisory Services Ltd increased its holdings in VEON by 11.1% during the 3rd quarter. VR Advisory Services Ltd now owns 100,166 shares of the Wireless communications provider’s stock worth $5,452,000 after acquiring an additional 10,000 shares during the period. 21.30% of the stock is currently owned by hedge funds and other institutional investors.

VEON Stock Down 1.2%

The company’s 50 day simple moving average is $50.25 and its 200-day simple moving average is $51.00. The company has a debt-to-equity ratio of 2.45, a quick ratio of 0.94 and a current ratio of 0.95. The firm has a market capitalization of $3.63 billion, a PE ratio of 5.96 and a beta of 1.58.

VEON (NASDAQ:VEON) last issued its quarterly earnings data on Monday, November 10th. The Wireless communications provider reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.21 by ($0.07). VEON had a return on equity of 58.72% and a net margin of 15.26%.The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion.

VEON announced that its Board of Directors has authorized a share repurchase plan on Monday, November 17th that authorizes the company to repurchase 0 outstanding shares. This repurchase authorization authorizes the Wireless communications provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

VEON Company Profile

VEON Ltd., a digital operator, provides connectivity and internet services in Pakistan, Ukraine, Kazakhstan, Bangladesh, Uzbekistan, and Kyrgyzstan. It offers mobile telecommunications services, including value added and call completion, national and international roaming, wireless Internet access, mobile financial, and mobile bundle services; data connectivity, cross border transit, voice, Internet, and data services; fixed-line telecommunications using intercity fiber optic networks; and Internet-TV using Fiber to the building technology.