VEON (NASDAQ:VEON) Stock Falls 6.8% – What’s Next?

VEON Ltd. (NASDAQ:VEON) dropped 6.8% during mid-day trading on Monday. The stock traded as low as $68.36 and last traded at $68.5150. Approximately 55,664 shares changed hands during mid-day trading, a decline of 46% from the average daily volume of 103,315 shares. The stock had previously closed at $73.52.

Analyst Ratings Changes

VEON has been the topic of several research reports. Northland Securities started coverage on shares of VEON in a research report on Tuesday, June 9th. They issued an “outperform” rating and a $70.00 price target on the stock. Zacks Research upgraded VEON from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of VEON in a research note on Thursday, August 13th. Benchmark reiterated a “buy” rating on shares of VEON in a report on Monday, June 15th. Finally, Wall Street Zen raised VEON from a “buy” rating to a “strong-buy” rating in a research report on Monday. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

VEON Price Performance

The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of 81.09 and a beta of 1.63. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 2.30. The company’s 50 day simple moving average is $60.39 and its 200-day simple moving average is $54.73.

VEON (NASDAQ:VEON) last posted its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.23. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates 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 previous year, the business posted $8.30 earnings per share. On average, equities research analysts predict that VEON Ltd. will post 7.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In other VEON news, Director K II purchased 5,000 shares of the business’s stock in a transaction on Friday, August 7th. The stock was bought at an average cost of $56.02 per share, for a total transaction of $280,100.00. Following the acquisition, the director owned 96,000 shares of the company’s stock, valued at approximately $5,377,920. The trade was a 5.49% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Institutional Investors Weigh In On VEON

Several hedge funds have recently made changes to their positions in VEON. K2 Principal Fund L.P. purchased a new stake in shares of VEON during the 4th quarter worth about $1,015,000. Lingotto Investment Management LLP increased its position in VEON by 0.3% during the 4th quarter. Lingotto Investment Management LLP now owns 6,060,852 shares of the Wireless communications provider’s stock worth $318,619,000 after purchasing an additional 16,758 shares in the last quarter. Cygnus Capital Advisors LLC raised its holdings in VEON by 36.8% in 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 during the period. Hennion & Walsh Asset Management Inc. raised its holdings in 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 valued at $1,541,000 after buying an additional 13,315 shares during the period. Finally, Dorsey Wright & Associates lifted its position in VEON by 45.7% during the first quarter. Dorsey Wright & Associates now owns 35,457 shares of the Wireless communications provider’s stock valued at $1,642,000 after buying an additional 11,129 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.