VEON (NASDAQ:VEON) Sets New 12-Month High – Here’s What Happened

VEON Ltd. (NASDAQ:VEON) hit a new 52-week high on Tuesday. The stock traded as high as $85.87 and last traded at $85.1040, with a volume of 10,316 shares. The stock had previously closed at $84.50.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on VEON shares. Wall Street Zen lowered VEON from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 6th. Zacks Research upgraded shares of VEON from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 4th. Cantor Fitzgerald began coverage on shares of VEON in a research note on Friday, October 2nd. They issued an “overweight” rating and a $112.00 price target on the stock. Weiss Ratings raised shares of VEON from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Finally, Northland Securities set a $85.00 price objective on shares of VEON and gave the company an “outperform” rating in a report on Tuesday, September 29th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, VEON currently has an average rating of “Moderate Buy” and a consensus target price of $90.33.

VEON Price Performance

The firm has a 50-day simple moving average of $70.02 and a 200-day simple moving average of $56.95. The firm has a market cap of $6.35 billion, a P/E ratio of 100.95 and a beta of 1.62. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 2.30.

VEON (NASDAQ:VEON) last announced its earnings results on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.23. VEON had a net margin of 1.24% and a return on equity of 14.93%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period last year, the firm earned $8.30 earnings per share. As a group, analysts forecast that VEON Ltd. will post 7.39 EPS for the current year.

Insider Buying and Selling at VEON

In related news, Director K II acquired 5,000 shares of the business’s stock in a transaction dated Friday, August 7th. The shares were purchased at an average price of $56.02 per share, for a total transaction of $280,100.00. Following the completion of the acquisition, the director directly owned 96,000 shares in the company, valued at $5,377,920. The trade was a 5.49% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Investors Weigh In On VEON

Institutional investors and hedge funds have recently made changes to their positions in the stock. Handelsbanken Fonder AB raised its position in VEON by 7.2% during the second quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider’s stock worth $386,000 after acquiring an additional 500 shares during the period. Personal CFO Solutions LLC boosted its holdings in VEON by 14.4% in the 1st quarter. Personal CFO Solutions LLC now owns 4,689 shares of the Wireless communications provider’s stock worth $217,000 after buying an additional 592 shares during the last quarter. QRG Capital Management Inc. increased its stake in VEON by 10.7% during the 2nd quarter. QRG Capital Management Inc. now owns 19,436 shares of the Wireless communications provider’s stock worth $1,015,000 after buying an additional 1,879 shares in the last quarter. Bank of America Corp DE increased its stake in VEON by 2.8% during the 1st quarter. Bank of America Corp DE now owns 69,754 shares of the Wireless communications provider’s stock worth $3,230,000 after buying an additional 1,923 shares in the last quarter. Finally, Lazard Asset Management LLC increased its stake in VEON by 64.1% during the 1st quarter. Lazard Asset Management LLC now owns 7,597 shares of the Wireless communications provider’s stock worth $352,000 after buying an additional 2,967 shares in the last quarter. 21.30% of the stock is currently owned by institutional investors and hedge funds.

VEON Company Profile

VEON Ltd. is a global digital communications and services company that provides mobile connectivity, fixed broadband, and digital products to consumers and businesses. The company operates through a portfolio of local telecommunications brands, offering voice and messaging services, mobile data, broadband access, and related enterprise solutions.

VEON’s principal operating brands include Kyivstar in Ukraine, Jazz in Pakistan, Banglalink in Bangladesh, and Beeline-branded businesses in Kazakhstan, Uzbekistan, and Kyrgyzstan.