Wall Street Zen Downgrades VEON (NASDAQ:VEON) to Buy

VEON (NASDAQ:VEON) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Tuesday, Wall Street Zen reports.

VEON has been the topic of several other research reports. Weiss Ratings restated a “hold (c)” rating on shares of VEON in a research note on Thursday, August 13th. Zacks Research raised shares of VEON from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Benchmark reiterated a “buy” rating on shares of VEON in a report on Monday, June 15th. Northland Securities set a $85.00 target price on shares of VEON and gave the stock an “outperform” rating in a research report on Tuesday, September 29th. Finally, Cantor Fitzgerald initiated coverage on VEON in a report on Friday, October 2nd. They set an “overweight” rating and a $112.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, VEON currently has an average rating of “Moderate Buy” and a consensus target price of $90.33.

VEON Stock Performance

Shares of VEON stock opened at $77.19 on Tuesday. 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 has a fifty-two week low of $42.60 and a fifty-two week high of $78.83. The stock’s 50-day moving average is $64.05 and its two-hundred day moving average is $56.12. The firm has a market cap of $5.71 billion, a P/E ratio of 90.81 and a beta of 1.62.

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

Insider Buying and Selling

In other VEON news, Director K II purchased 15,000 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was bought at an average cost of $56.00 per share, for a total transaction of $840,000.00. Following the completion of the acquisition, the director directly owned 91,000 shares in the company, valued at $5,096,000. This represents a 19.74% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Investors Weigh In On VEON

Several hedge funds have recently modified their holdings of the business. QRG Capital Management Inc. grew its stake in shares of VEON by 10.7% in the second quarter. QRG Capital Management Inc. now owns 19,436 shares of the Wireless communications provider’s stock worth $1,015,000 after acquiring an additional 1,879 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in VEON in the 2nd quarter valued at $170,000. Cygnus Capital Advisors LLC boosted 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 valued at $2,777,000 after purchasing an additional 14,300 shares during the period. Handelsbanken Fonder AB grew its position 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 during the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its position 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 last quarter. 21.30% of the stock is owned by institutional investors.

VEON Company Profile

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.