VEON (NASDAQ:VEON) Sees Large Volume Increase – Here’s What Happened

VEON Ltd. (NASDAQ:VEON) saw strong trading volume on Monday . 229,220 shares were traded during mid-day trading, an increase of 137% from the previous session’s volume of 96,893 shares.The stock last traded at $52.53 and had previously closed at $52.00.

Wall Street Analyst Weigh In

VEON has been the topic of several analyst reports. Wall Street Zen downgraded VEON from a “strong-buy” rating to a “buy” rating in a report on Tuesday, May 26th. Northland Securities started coverage on VEON in a report on Tuesday, June 9th. They set an “outperform” rating and a $70.00 target price for the company. Rothschild & Co Redburn set a $74.00 price target on shares of VEON and gave the company a “buy” rating in a report on Thursday, April 16th. Benchmark reissued a “buy” rating on shares of VEON in a research report on Monday, June 15th. Finally, Zacks Research cut shares of VEON from a “hold” rating to a “strong sell” rating in a research report on Tuesday, June 16th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $72.00.

VEON Trading Up 2.7%

The stock’s fifty day simple moving average is $52.49 and its two-hundred day simple moving average is $52.42. The firm has a market cap of $3.96 billion, a PE ratio of 7.17 and a beta of 1.64. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 2.15.

VEON (NASDAQ:VEON) last issued its quarterly earnings results on Thursday, April 30th. The Wireless communications provider reported $1.50 EPS for the quarter. VEON had a return on equity of 44.43% and a net margin of 11.65%. On average, sell-side analysts forecast that VEON Ltd. will post 6.99 EPS for the current fiscal year.

Hedge Funds Weigh In On VEON

Several large investors have recently modified their holdings of VEON. Osaic Holdings Inc. boosted its stake in VEON by 36.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,443 shares of the Wireless communications provider’s stock valued at $66,000 after purchasing an additional 388 shares during the last quarter. Royal Bank of Canada boosted its position in shares of VEON by 184.3% during the fourth quarter. Royal Bank of Canada now owns 2,431 shares of the Wireless communications provider’s stock valued at $128,000 after buying an additional 1,576 shares during the last quarter. Truist Financial Corp boosted its position in shares of VEON by 5.1% during the fourth quarter. Truist Financial Corp now owns 4,014 shares of the Wireless communications provider’s stock valued at $211,000 after buying an additional 195 shares during the last quarter. Personal CFO Solutions LLC increased its holdings in VEON by 7.0% in the 4th quarter. Personal CFO Solutions LLC now owns 4,097 shares of the Wireless communications provider’s stock worth $215,000 after buying an additional 268 shares in the last quarter. Finally, CWM LLC bought a new stake in VEON in the 4th quarter worth about $219,000. Hedge funds and other institutional investors own 21.30% of the company’s stock.

VEON Company Profile

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.