VEON (NASDAQ:VEON) Shares Up 4.2% – Here’s What Happened

Shares of VEON Ltd. (NASDAQ:VEON) were up 4.2% during trading on Thursday . The stock traded as high as $67.64 and last traded at $67.75. Approximately 53,926 shares were traded during trading, a decline of 44% from the average daily volume of 95,688 shares. The stock had previously closed at $65.00.

Analyst Upgrades and Downgrades

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

VEON Stock Performance

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 has a market capitalization of $5.06 billion, a P/E ratio of 80.47 and a beta of 1.63. The business has a fifty day moving average price of $56.28 and a 200-day moving average price of $53.49.

VEON (NASDAQ:VEON) last released its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $1.69 EPS for the quarter, topping the consensus estimate of $1.46 by $0.23. VEON had a return on equity of 14.93% and a net margin of 1.24%.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 company earned $8.30 EPS. On average, sell-side analysts expect that VEON Ltd. will post 7.39 EPS for the current year.

Insider Activity

In related news, Director K II purchased 5,000 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were purchased at an average price of $56.02 per share, with a total value of $280,100.00. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VEON. Osaic Holdings Inc. lifted its position in VEON by 36.8% during the second 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 period. Royal Bank of Canada grew its position in VEON by 184.3% in the 4th quarter. Royal Bank of Canada now owns 2,431 shares of the Wireless communications provider’s stock worth $128,000 after purchasing an additional 1,576 shares during the period. Integrated Wealth Concepts LLC bought a new stake in VEON in the 2nd quarter worth approximately $170,000. Truist Financial Corp raised its stake in VEON by 5.1% during the 4th 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. Finally, Personal CFO Solutions LLC lifted its holdings in shares of VEON by 14.4% during the 1st quarter. Personal CFO Solutions LLC now owns 4,689 shares of the Wireless communications provider’s stock valued at $217,000 after buying an additional 592 shares during the period. 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.