VEON (NASDAQ:VEON) Reaches New 12-Month High – Still a Buy?

VEON Ltd. (NASDAQ:VEON)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $69.89 and last traded at $70.1050, with a volume of 29464 shares. The stock had previously closed at $68.51.

Analyst Ratings Changes

Several research firms have weighed in on VEON. Weiss Ratings reaffirmed a “hold (c)” rating on shares of VEON in a research note on Thursday, August 13th. Wall Street Zen raised shares of VEON from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 12th. Benchmark restated a “buy” rating on shares of VEON in a report on Monday, June 15th. Northland Securities began coverage on shares of VEON in a research report on Tuesday, June 9th. They set an “outperform” rating and a $70.00 price objective on the stock. Finally, Zacks Research upgraded shares of VEON from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

VEON Stock Down 0.3%

The business has a 50 day simple moving average of $58.49 and a 200 day simple moving average of $54.13. 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 has a market cap of $5.08 billion, a PE ratio of 80.74 and a beta of 1.63.

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. On average, equities research analysts forecast that VEON Ltd. will post 7.39 EPS for the current fiscal year.

Insider Buying and Selling

In other VEON news, Director K II acquired 15,000 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were purchased at an average price of $56.00 per share, with a total value of $840,000.00. Following the completion of the transaction, the director owned 91,000 shares in the company, valued at $5,096,000. The trade was a 19.74% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Integrated Wealth Concepts LLC bought a new position in shares of VEON during the 2nd quarter valued at $170,000. Cygnus Capital Advisors LLC raised its holdings in VEON by 36.8% during the second quarter. Cygnus Capital Advisors LLC now owns 53,180 shares of the Wireless communications provider’s stock valued at $2,777,000 after buying an additional 14,300 shares in the last quarter. Handelsbanken Fonder AB lifted its position in shares of VEON by 7.2% in the second quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider’s stock worth $386,000 after buying an additional 500 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in shares of VEON by 82.2% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 29,518 shares of the Wireless communications provider’s stock worth $1,541,000 after buying an additional 13,315 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of VEON by 2.8% during the 1st quarter. Bank of America Corp DE now owns 69,754 shares of the Wireless communications provider’s stock worth $3,230,000 after acquiring an additional 1,923 shares in the last quarter. Institutional investors and hedge funds own 21.30% of the company’s stock.

About VEON

VEON Ltd. (NASDAQ:VEON) is a global digital communications and services company that provides mobile connectivity, broadband, and digital products in high-growth markets. Its telecommunications operations serve consumers and businesses through mobile voice and data services, messaging, fixed broadband, and related connectivity solutions.

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