VEON (NASDAQ:VEON) Shares Gap Up on Analyst Upgrade

VEON Ltd. (NASDAQ:VEON) shares gapped up prior to trading on Tuesday after Wall Street Zen upgraded the stock from a buy rating to a strong-buy rating. The stock had previously closed at $69.41, but opened at $72.09. VEON shares last traded at $71.8260, with a volume of 14,264 shares.

Other equities analysts have also issued reports about the stock. Benchmark reiterated a “buy” rating on shares of VEON in a report on Monday, June 15th. Northland Securities started coverage on VEON in a research report on Tuesday, June 9th. They issued an “outperform” rating and a $70.00 price objective for the company. Weiss Ratings restated a “hold (c)” rating on shares of VEON in a research report on Thursday, August 13th. Finally, Zacks Research raised 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 given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Insider Buying and Selling

In other VEON news, Director K II acquired 15,000 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were acquired at an average price of $56.00 per share, for a total transaction of $840,000.00. Following the acquisition, the director owned 91,000 shares in the company, valued at $5,096,000. The trade was a 19.74% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Institutional Investors Weigh In On VEON

Several hedge funds and other institutional investors have recently bought and sold shares of VEON. Lingotto Investment Management LLP lifted its holdings in shares of VEON by 0.3% in the 4th quarter. Lingotto Investment Management LLP now owns 6,060,852 shares of the Wireless communications provider’s stock valued at $318,619,000 after purchasing an additional 16,758 shares during the last quarter. Bank of America Corp DE lifted its stake in VEON by 2.8% in the first quarter. Bank of America Corp DE now owns 69,754 shares of the Wireless communications provider’s stock valued at $3,230,000 after buying an additional 1,923 shares during the last quarter. Cygnus Capital Advisors LLC boosted its holdings in shares of 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 acquiring an additional 14,300 shares during the period. RWC Asset Management LLP grew its position in shares of VEON by 1.1% during the fourth quarter. RWC Asset Management LLP now owns 38,040 shares of the Wireless communications provider’s stock worth $2,000,000 after acquiring an additional 422 shares during the last quarter. Finally, Dorsey Wright & Associates increased its holdings in shares of VEON by 45.7% in the 1st quarter. Dorsey Wright & Associates now owns 35,457 shares of the Wireless communications provider’s stock valued at $1,642,000 after acquiring an additional 11,129 shares during the period. 21.30% of the stock is currently owned by institutional investors and hedge funds.

VEON Stock Performance

The stock has a market cap of $5.21 billion, a PE ratio of 82.94 and a beta of 1.63. The firm’s 50-day moving average is $60.75 and its 200 day moving average is $54.85. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.96 and a current ratio of 0.97.

VEON (NASDAQ:VEON) last posted its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $1.69 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.23. VEON had a net margin of 1.24% and a return on equity of 14.93%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business posted $8.30 earnings per share. As a group, research analysts anticipate that VEON Ltd. will post 7.39 EPS for the current year.

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.