Envestnet Asset Management Inc. Purchases Shares of 30,225 VEON Ltd. $VEON

Envestnet Asset Management Inc. acquired a new stake in VEON Ltd. (NASDAQ:VEON) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 30,225 shares of the Wireless communications provider’s stock, valued at approximately $1,645,000.

Several other institutional investors have also recently made changes to their positions in the business. Lingohr Asset Management GmbH raised its stake in VEON by 39.5% during the 3rd quarter. Lingohr Asset Management GmbH now owns 9,312 shares of the Wireless communications provider’s stock valued at $507,000 after purchasing an additional 2,638 shares during the period. Truist Financial Corp purchased a new stake in VEON during the 3rd quarter valued at approximately $208,000. QRG Capital Management Inc. bought a new stake in shares of VEON during the third quarter valued at approximately $277,000. RWC Asset Management LLP purchased a new position in shares of VEON in the third quarter worth $2,048,000. Finally, Shilanski & Associates Inc. bought a new position in shares of VEON during the third quarter worth $214,000. Hedge funds and other institutional investors own 21.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Zacks Research upgraded shares of VEON from a “strong sell” rating to a “hold” rating in a report on Thursday, January 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of VEON in a report on Monday, December 29th. Finally, Wall Street Zen raised VEON from a “hold” rating to a “buy” rating in a research note on Saturday, January 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, VEON has an average rating of “Moderate Buy” and a consensus price target of $60.00.

VEON Stock Performance

Shares of NASDAQ:VEON opened at $55.89 on Friday. The firm has a fifty day simple moving average of $53.68 and a two-hundred day simple moving average of $52.91. VEON Ltd. has a 52 week low of $34.55 and a 52 week high of $64.00. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 2.45. The stock has a market capitalization of $3.86 billion, a P/E ratio of 6.35 and a beta of 1.61.

VEON declared that its board has authorized a stock buyback plan on Monday, November 17th that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the Wireless communications provider to reacquire shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

VEON 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.