VEON (NASDAQ:VEON) Raised to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded VEON to “strong-buy” from “buy.” Overall, analysts assign the stock a “Moderate Buy” consensus rating with an average price target of $72.
• VEON exceeded quarterly expectations, reporting $1.69 in earnings per share versus the $1.46 consensus estimate and revenue of $1.27 billion versus $1.23 billion expected.
• The stock opened at $67.87, near its 12-month high of $69.50, while institutional investors and hedge funds collectively own 21.3% of VEON shares.

VEON (NASDAQ:VEON - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other analysts have also commented on the company. Benchmark reaffirmed a "buy" rating on shares of VEON in a research note on Monday, June 15th. Zacks Research upgraded VEON from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Weiss Ratings reissued a "hold (c)" rating on shares of VEON in a report on Thursday, August 13th. Finally, Northland Securities started coverage on VEON in a report on Tuesday, June 9th. They set an "outperform" rating and a $70.00 price objective for the company. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $72.00.

VEON Stock Down 1.9%

Shares of VEON opened at $67.87 on Friday. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of 79.85 and a beta of 1.63. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 2.30. VEON has a 12 month low of $42.60 and a 12 month high of $69.50. The company has a 50-day moving average price of $56.94 and a two-hundred day moving average price of $53.68.

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 for the quarter, beating analysts' consensus estimates of $1.46 by $0.23. VEON had a return on equity of 14.93% and a net margin of 1.24%.The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the business earned $8.30 earnings per share. Equities 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 on Friday, August 7th. The stock was purchased at an average price of $56.02 per share, for a total transaction of $280,100.00. Following the transaction, the director owned 96,000 shares of the company's stock, valued at $5,377,920. The trade was a 5.49% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On VEON

Large investors have recently modified their holdings of the stock. NewEdge Advisors LLC bought a new stake in shares of VEON during the first quarter valued at approximately $400,000. Jones Financial Companies Lllp raised its position in VEON by 84,690.0% in the 1st quarter. Jones Financial Companies Lllp now owns 16,958 shares of the Wireless communications provider's stock worth $740,000 after purchasing an additional 16,938 shares during the last quarter. Jane Street Group LLC lifted its holdings in VEON by 177.9% during the 1st quarter. Jane Street Group LLC now owns 16,374 shares of the Wireless communications provider's stock worth $714,000 after buying an additional 10,483 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in VEON by 267.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 55,827 shares of the Wireless communications provider's stock worth $2,572,000 after buying an additional 40,614 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in VEON by 1.0% in the 2nd quarter. Bank of America Corp DE now owns 53,571 shares of the Wireless communications provider's stock valued at $2,468,000 after buying an additional 538 shares during the last quarter. 21.30% of the stock is currently owned by institutional investors and hedge funds.

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.

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