VEON (NASDAQ:VEON) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded VEON from “strong buy” to “buy,” while the broader analyst consensus remains “Moderate Buy,” with an average price target of $90.33.
• VEON shares opened at $76.95, near their 52-week high of $78.83, and are trading above their 50-day and 200-day moving averages.
• The company exceeded quarterly expectations, reporting $1.69 in earnings per share and $1.27 billion in revenue, above analyst estimates of $1.46 EPS and $1.23 billion in revenue.

VEON (NASDAQ:VEON - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Tuesday, Wall Street Zen reports.

Other equities research analysts also recently issued research reports about the stock. Benchmark reaffirmed a "buy" rating on shares of VEON in a research note on Monday, June 15th. Weiss Ratings reissued a "hold (c)" rating on shares of VEON in a report on Thursday, August 13th. Northland Securities set a $85.00 price objective on shares of VEON and gave the company an "outperform" rating in a research report on Tuesday, September 29th. Cantor Fitzgerald began coverage on VEON in a research note on Friday. They set an "overweight" rating and a $112.00 price objective on the stock. Finally, Zacks Research upgraded VEON from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $90.33.

VEON Price Performance

VEON opened at $76.95 on Tuesday. The company has a fifty day moving average price of $63.02 and a two-hundred day moving average price of $55.74. 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 has a 52 week low of $42.60 and a 52 week high of $78.83. The firm has a market capitalization of $5.69 billion, a PE ratio of 90.53 and a beta of 1.62.

VEON (NASDAQ:VEON - Get Free Report) last released 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 return on equity of 14.93% and a net margin of 1.24%.The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the company posted $8.30 earnings per share. As a group, analysts anticipate that VEON will post 7.39 earnings per share for the current year.

Insider Activity at VEON

In other news, Director K II acquired 5,000 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was acquired at an average cost of $56.02 per share, for a total transaction of $280,100.00. Following the completion of the acquisition, the director owned 96,000 shares in the company, valued at $5,377,920. This represents a 5.49% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Hedge Funds Weigh In On VEON

Institutional investors have recently added to or reduced their stakes in the company. Handelsbanken Fonder AB grew its position in shares of VEON by 7.2% in the 2nd quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider's stock valued at $386,000 after acquiring an additional 500 shares during the period. Personal CFO Solutions LLC raised its holdings in shares of VEON by 14.4% in the 1st quarter. Personal CFO Solutions LLC now owns 4,689 shares of the Wireless communications provider's stock valued at $217,000 after purchasing an additional 592 shares during the period. Dorsey Wright & Associates raised its holdings in shares of VEON by 4.0% in the 4th quarter. Dorsey Wright & Associates now owns 24,328 shares of the Wireless communications provider's stock valued at $1,279,000 after purchasing an additional 934 shares during the period. QRG Capital Management Inc. lifted its stake in VEON by 10.7% in the 2nd quarter. QRG Capital Management Inc. now owns 19,436 shares of the Wireless communications provider's stock valued at $1,015,000 after purchasing an additional 1,879 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in VEON by 2.8% during the first quarter. Bank of America Corp DE now owns 69,754 shares of the Wireless communications provider's stock worth $3,230,000 after purchasing an additional 1,923 shares during the period. 21.30% of the stock is currently owned by institutional investors and hedge funds.

About VEON

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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