VEON (NASDAQ:VEON) Reaches New 52-Week High – Here’s What Happened

VEON Ltd. (NASDAQ:VEON)’s stock price hit a new 52-week high on Wednesday . The company traded as high as $65.50 and last traded at $64.9650, with a volume of 52941 shares trading hands. The stock had previously closed at $62.32.

Wall Street Analysts Forecast Growth

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

VEON Stock Performance

The company has a debt-to-equity ratio of 2.30, a current ratio of 0.97 and a quick ratio of 0.96. The stock’s 50 day simple moving average is $55.28 and its two-hundred day simple moving average is $53.19. The stock has a market cap of $4.90 billion, a P/E ratio of 77.94 and a beta of 1.63.

VEON (NASDAQ:VEON) last issued its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 1.24% and a return on equity of 14.93%. During the same quarter in the prior year, the firm earned $8.30 earnings per share. As a group, research analysts forecast that VEON Ltd. will post 7.39 EPS for the current year.

Insider Activity

In other news, Director K II purchased 5,000 shares of the company’s stock in a transaction on 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 purchase, the director directly owned 96,000 shares of the company’s stock, valued at $5,377,920. This trade represents a 5.49% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Hedge Funds Weigh In On VEON

A number of institutional investors have recently added to or reduced their stakes in the company. Truist Financial Corp lifted its holdings in VEON by 5.1% during the 4th quarter. Truist Financial Corp now owns 4,014 shares of the Wireless communications provider’s stock worth $211,000 after purchasing an additional 195 shares during the last quarter. Tidal Investments LLC lifted its holdings in shares of VEON by 4.8% during the second quarter. Tidal Investments LLC now owns 7,288 shares of the Wireless communications provider’s stock worth $336,000 after buying an additional 336 shares in the last quarter. Severin Investments LLC lifted its holdings in shares of VEON by 4.2% during the fourth quarter. Severin Investments LLC now owns 8,857 shares of the Wireless communications provider’s stock worth $466,000 after buying an additional 353 shares in the last quarter. Osaic Holdings Inc. boosted its position in shares of VEON by 36.8% in the second quarter. Osaic Holdings Inc. now owns 1,443 shares of the Wireless communications provider’s stock valued at $66,000 after acquiring an additional 388 shares during the period. Finally, RWC Asset Management LLP grew its stake in shares of VEON by 1.1% in the fourth quarter. RWC Asset Management LLP now owns 38,040 shares of the Wireless communications provider’s stock valued at $2,000,000 after acquiring an additional 422 shares in the last quarter. 21.30% of the stock is currently owned by institutional investors and hedge funds.

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.