VEON (NASDAQ:VEON) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of VEON (NASDAQ:VEON) from a hold rating to a buy rating in a research note released on Saturday morning.

Several other brokerages have also recently weighed in on VEON. Weiss Ratings restated a “hold (c)” rating on shares of VEON in a report on Monday, December 29th. Zacks Research cut VEON from a “hold” rating to a “strong sell” rating in a research report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $60.00.

VEON Price Performance

NASDAQ VEON opened at $52.04 on Friday. The firm’s 50 day moving average is $50.92 and its 200-day moving average is $51.91. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 2.45. The company has a market capitalization of $3.59 billion, a PE ratio of 5.91 and a beta of 1.59. VEON has a 12-month low of $34.55 and a 12-month high of $64.00.

VEON (NASDAQ:VEON) last announced its earnings results on Monday, November 10th. The Wireless communications provider reported $1.14 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $1.11 billion.

VEON announced that its Board of Directors has initiated a share buyback plan on Monday, November 17th that permits the company to repurchase 0 outstanding shares. This repurchase authorization permits the Wireless communications provider to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On VEON

Institutional investors have recently bought and sold shares of the business. Panview Capital Ltd acquired a new stake in shares of VEON in the third quarter valued at approximately $22,481,000. Mackenzie Financial Corp bought a new stake in VEON in the 3rd quarter valued at $15,005,000. Millennium Management LLC raised its stake in VEON by 275.3% in the 3rd quarter. Millennium Management LLC now owns 133,478 shares of the Wireless communications provider’s stock valued at $7,265,000 after acquiring an additional 97,913 shares during the period. Lingotto Investment Management LLP lifted its holdings in VEON by 1.2% during the 2nd quarter. Lingotto Investment Management LLP now owns 5,957,666 shares of the Wireless communications provider’s stock valued at $274,470,000 after purchasing an additional 70,659 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in VEON by 31.5% during the third quarter. Two Sigma Investments LP now owns 276,426 shares of the Wireless communications provider’s stock worth $15,046,000 after purchasing an additional 66,153 shares during the period. Institutional investors and hedge funds 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.