VEON (NASDAQ:VEON) Stock Passes Above 200-Day Moving Average – Here’s Why

Shares of VEON Ltd. (NASDAQ:VEON) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $52.38 and traded as high as $52.50. VEON shares last traded at $51.47, with a volume of 85,970 shares traded.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Rothschild & Co Redburn set a $74.00 price target on shares of VEON and gave the company a “buy” rating in a report on Thursday, April 16th. Zacks Research lowered shares of VEON from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 16th. Weiss Ratings downgraded shares of VEON from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, May 18th. Wall Street Zen lowered shares of VEON from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, May 26th. Finally, Northland Securities started coverage on shares of VEON in a research report on Tuesday, June 9th. They set an “outperform” rating and a $70.00 price target on the stock. Three research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, VEON currently has a consensus rating of “Hold” and a consensus price target of $72.00.

VEON Stock Up 0.4%

The company has a debt-to-equity ratio of 2.15, a quick ratio of 0.85 and a current ratio of 0.86. The firm has a market capitalization of $3.82 billion, a P/E ratio of 6.92 and a beta of 1.63. The stock has a fifty day moving average price of $52.72 and a two-hundred day moving average price of $52.37.

VEON (NASDAQ:VEON) last posted its quarterly earnings results on Thursday, April 30th. The Wireless communications provider reported $1.50 earnings per share (EPS) for the quarter. VEON had a return on equity of 44.43% and a net margin of 11.65%. Research analysts forecast that VEON Ltd. will post 6.99 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. NewEdge Advisors LLC acquired a new position in shares of VEON in the 1st quarter valued at about $400,000. Jones Financial Companies Lllp raised its stake in VEON by 84,690.0% during the first quarter. Jones Financial Companies Lllp now owns 16,958 shares of the Wireless communications provider’s stock worth $740,000 after acquiring an additional 16,938 shares during the period. Jane Street Group LLC raised its stake in VEON by 177.9% during the first quarter. Jane Street Group LLC now owns 16,374 shares of the Wireless communications provider’s stock worth $714,000 after acquiring an additional 10,483 shares during the period. JPMorgan Chase & Co. lifted its holdings in VEON by 267.0% in the second quarter. JPMorgan Chase & Co. now owns 55,827 shares of the Wireless communications provider’s stock worth $2,572,000 after acquiring an additional 40,614 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in VEON by 1.0% in the second quarter. Bank of America Corp DE now owns 53,571 shares of the Wireless communications provider’s stock worth $2,468,000 after acquiring an additional 538 shares during the last quarter. 21.30% of the stock is currently owned by institutional investors.

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.