VEON (NASDAQ:VEON) Hits New 1-Year High – Here’s Why

VEON Ltd. (NASDAQ:VEON) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $63.48 and last traded at $62.9850, with a volume of 12639 shares trading hands. The stock had previously closed at $62.34.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on VEON shares. Wall Street Zen upgraded shares of VEON from a “hold” rating to a “buy” rating in a research note on Sunday, August 9th. Weiss Ratings reissued a “hold (c)” rating on shares of VEON in a research report on Thursday, August 13th. Northland Securities began coverage on VEON in a report on Tuesday, June 9th. They set an “outperform” rating and a $70.00 target price on the stock. Zacks Research raised VEON from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Finally, Benchmark reiterated a “buy” rating on shares of VEON in a research note on Monday, June 15th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, VEON currently has a consensus rating of “Moderate Buy” and an average price target of $72.00.

VEON Stock Performance

The company has a market cap of $4.61 billion, a P/E ratio of 73.32 and a beta of 1.65. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 2.30. The stock’s 50-day moving average price is $53.75 and its 200 day moving average price is $52.73.

VEON (NASDAQ:VEON) last issued its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.23. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.23 billion. VEON had a net margin of 1.24% and a return on equity of 14.93%. During the same period in the previous year, the company earned $8.30 earnings per share. As a group, research analysts expect that VEON Ltd. will post 7.39 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Augie K. Fabela II bought 15,000 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was purchased at an average price of $56.00 per share, with a total value of $840,000.00. Following the transaction, the director directly owned 91,000 shares in the company, valued at approximately $5,096,000. The trade was a 19.74% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Hedge Funds Weigh In On VEON

A number of institutional investors have recently made changes to their positions in VEON. Handelsbanken Fonder AB lifted its position in shares of VEON by 7.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider’s stock worth $386,000 after purchasing an additional 500 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in VEON by 82.2% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 29,518 shares of the Wireless communications provider’s stock valued at $1,541,000 after purchasing an additional 13,315 shares during the period. Bank of America Corp DE grew its holdings in VEON by 2.8% in the 1st quarter. Bank of America Corp DE now owns 69,754 shares of the Wireless communications provider’s stock valued at $3,230,000 after buying an additional 1,923 shares during the last quarter. Lazard Asset Management LLC grew its holdings in VEON by 64.1% in the 1st quarter. Lazard Asset Management LLC now owns 7,597 shares of the Wireless communications provider’s stock valued at $352,000 after buying an additional 2,967 shares during the last quarter. Finally, Dorsey Wright & Associates increased its position in VEON by 45.7% in the 1st quarter. Dorsey Wright & Associates now owns 35,457 shares of the Wireless communications provider’s stock worth $1,642,000 after buying an additional 11,129 shares during the period. 21.30% of the stock is currently owned by institutional investors.

About VEON

VEON Ltd (NASDAQ: VEON) is a global telecommunications and digital services provider headquartered in Amsterdam, the Netherlands. Originally founded as VimpelCom in Russia in 1992, the company rebranded to VEON in 2017 to reflect its transformation into a technology-driven operator. VEON operates as a holding company with direct investments in mobile and internet service providers across multiple emerging markets, delivering voice, data and digital services to individual and enterprise customers.

Through its operating subsidiaries, VEON offers a broad portfolio that includes 2G/3G/4G mobile access, fixed broadband, digital lifestyle applications and mobile financial services.