Cantor Fitzgerald Upgrades VEON (NASDAQ:VEON) to "Strong-Buy"

Key Points

• Cantor Fitzgerald upgraded VEON to “strong buy,” joining other positive analyst views. MarketBeat reports an overall “Moderate Buy” consensus and an average price target of $90.33.
• VEON shares rose 2.3% to $75.64, near their 52-week high of $78.83. The company reported quarterly EPS of $1.69 and revenue of $1.27 billion, exceeding analyst expectations.
• Insider and institutional activity was supportive: a director bought 5,000 shares, while several investment firms increased their holdings; institutional investors collectively own 21.3% of VEON.

VEON (NASDAQ:VEON - Get Free Report) was upgraded by Cantor Fitzgerald to a "strong-buy" rating in a report released on Friday, Zacks reports.

Several other brokerages have also issued reports on VEON. Benchmark reiterated a "buy" rating on shares of VEON in a report on Monday, June 15th. Wall Street Zen upgraded VEON from a "buy" rating to a "strong-buy" rating in a report on Monday, September 28th. Northland Securities set a $85.00 target price on VEON and gave the stock an "outperform" rating in a research report on Tuesday. Zacks Research upgraded VEON from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of VEON in a research report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, VEON presently has an average rating of "Moderate Buy" and an average target price of $90.33.

VEON Trading Up 2.3%

VEON opened at $75.64 on Friday. The company has a fifty day moving average price of $62.51 and a two-hundred day moving average price of $55.51. VEON has a 1-year low of $42.60 and a 1-year high of $78.83. The company has a market cap of $5.60 billion, a P/E ratio of 88.99 and a beta of 1.62. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 2.30.

VEON (NASDAQ:VEON - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.46 by $0.23. The company had revenue of $1.27 billion for the quarter, compared to analysts' expectations 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 EPS. Analysts predict that VEON will post 7.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director K II acquired 5,000 shares of the stock in a transaction dated Friday, August 7th. The stock was purchased at an average cost of $56.02 per share, with a total value of $280,100.00. Following the completion of the purchase, the director directly owned 96,000 shares in the company, valued at $5,377,920. This trade represents a 5.49% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC bought a new stake in VEON during the second quarter worth $170,000. Personal CFO Solutions LLC lifted its stake in VEON by 14.4% during the 1st quarter. Personal CFO Solutions LLC now owns 4,689 shares of the Wireless communications provider's stock valued at $217,000 after acquiring an additional 592 shares in the last quarter. Lazard Asset Management LLC boosted its holdings in VEON by 64.1% during the 1st quarter. Lazard Asset Management LLC now owns 7,597 shares of the Wireless communications provider's stock worth $352,000 after acquiring an additional 2,967 shares during the last quarter. Handelsbanken Fonder AB boosted its holdings in VEON by 7.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider's stock worth $386,000 after acquiring an additional 500 shares during the last quarter. Finally, QRG Capital Management Inc. boosted its holdings in VEON by 30.2% during the 1st quarter. QRG Capital Management Inc. now owns 17,557 shares of the Wireless communications provider's stock worth $813,000 after acquiring an additional 4,073 shares during the last quarter. Hedge funds and other institutional investors own 21.30% of the company's stock.

VEON Company Profile

VEON Ltd. is a global telecommunications and digital services company that provides mobile and fixed connectivity, communications services, and digital products through operating companies in emerging markets. Its services include voice and data plans, broadband access, mobile financial services, digital entertainment, and business solutions for consumers and enterprises.

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

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