VEON (NASDAQ:VEON) Hits New 1-Year High – What’s Next?

VEON Ltd. (NASDAQ:VEON) shares reached a new 52-week high during mid-day trading on Monday. The company traded as high as $78.88 and last traded at $78.6760, with a volume of 27,904 shares. The stock had previously closed at $76.81.

Analyst Upgrades and Downgrades

A number of analysts have commented on VEON shares. Cantor Fitzgerald began coverage on shares of VEON in a report on Friday, October 2nd. They set an “overweight” rating and a $112.00 target price for the company. Northland Securities set a $85.00 price target on shares of VEON and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. Weiss Ratings upgraded shares of VEON from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday. Wall Street Zen cut shares of VEON from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 6th. Finally, Benchmark reissued a “buy” rating on shares of VEON in a research report on Monday, June 15th. Four investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, VEON currently has a consensus rating of “Moderate Buy” and an average price target of $90.33.

VEON Trading Up 6.4%

The firm has a market capitalization of $6.05 billion, a P/E ratio of 96.18 and a beta of 1.62. The stock’s 50-day simple moving average is $65.02 and its two-hundred day simple moving average is $56.51. The company has a debt-to-equity ratio of 2.30, a current ratio of 0.97 and a quick ratio of 0.96.

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

Insider Buying and Selling

In other VEON news, Director K II purchased 5,000 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were acquired at an average cost of $56.02 per share, with a total value 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On VEON

Hedge funds have recently made changes to their positions in the business. QRG Capital Management Inc. grew its position in shares of VEON by 10.7% during the second quarter. QRG Capital Management Inc. now owns 19,436 shares of the Wireless communications provider’s stock worth $1,015,000 after purchasing an additional 1,879 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in VEON in the 2nd quarter worth approximately $170,000. Cygnus Capital Advisors LLC lifted its holdings in VEON by 36.8% in the 2nd quarter. Cygnus Capital Advisors LLC now owns 53,180 shares of the Wireless communications provider’s stock worth $2,777,000 after purchasing an additional 14,300 shares in the last quarter. Handelsbanken Fonder AB lifted its holdings in VEON by 7.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider’s stock worth $386,000 after purchasing an additional 500 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in VEON by 82.2% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 29,518 shares of the Wireless communications provider’s stock worth $1,541,000 after purchasing an additional 13,315 shares during the period. Institutional investors own 21.30% of the company’s stock.

About VEON

VEON Ltd. is a global telecommunications and digital services company that provides mobile and fixed connectivity, communications services, and digital products through operating companies in emerging markets. Its services include voice and data plans, broadband access, mobile financial services, digital entertainment, and business solutions for consumers and enterprises.

VEON operates through well-known regional brands, including Kyivstar in Ukraine, Jazz in Pakistan, Banglalink in Bangladesh, and Beeline in Kazakhstan and Uzbekistan.