VEON (NASDAQ:VEON) Downgraded to Strong Sell Rating by Zacks Research

VEON (NASDAQ:VEON) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on VEON. Weiss Ratings cut VEON from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, May 18th. Benchmark reaffirmed a “buy” rating on shares of VEON in a research note on Monday. Wall Street Zen cut VEON from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 26th. Rothschild & Co Redburn set a $74.00 price objective on VEON and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Northland Securities began coverage on VEON in a research note on Tuesday, June 9th. They set an “outperform” rating and a $70.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, VEON has an average rating of “Moderate Buy” and an average target price of $72.00.

VEON Stock Down 0.7%

NASDAQ VEON opened at $52.47 on Tuesday. The stock has a fifty day moving average of $52.66 and a 200-day moving average of $52.36. The stock has a market capitalization of $3.88 billion, a P/E ratio of 7.03 and a beta of 1.63. VEON has a 52 week low of $38.08 and a 52 week high of $64.00. The company has a debt-to-equity ratio of 2.15, a quick ratio of 0.85 and a current ratio of 0.86.

VEON (NASDAQ:VEON) last announced its quarterly earnings data 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, equities research analysts forecast that VEON will post 6.99 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its holdings in shares of VEON by 2.8% in the first quarter. Bank of America Corp DE now owns 69,754 shares of the Wireless communications provider’s stock valued at $3,230,000 after purchasing an additional 1,923 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in shares of VEON by 64.1% in the first quarter. Lazard Asset Management LLC now owns 7,597 shares of the Wireless communications provider’s stock valued at $352,000 after purchasing an additional 2,967 shares in the last quarter. Dorsey Wright & Associates lifted its holdings in shares of VEON by 45.7% in the first quarter. Dorsey Wright & Associates now owns 35,457 shares of the Wireless communications provider’s stock valued at $1,642,000 after purchasing an additional 11,129 shares in the last quarter. Diversify Wealth Management LLC lifted its holdings in shares of VEON by 43.0% in the first quarter. Diversify Wealth Management LLC now owns 30,497 shares of the Wireless communications provider’s stock valued at $1,497,000 after purchasing an additional 9,168 shares in the last quarter. Finally, Personal CFO Solutions LLC lifted its holdings in shares of VEON by 14.4% in the first quarter. Personal CFO Solutions LLC now owns 4,689 shares of the Wireless communications provider’s stock valued at $217,000 after purchasing an additional 592 shares in the last quarter. 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.