Cubist Systematic Strategies LLC Increases Stock Position in VEON Ltd. $VEON

Key Points

• Cubist Systematic Strategies LLC boosted its stake in VEON Ltd. by 783.6% during the first quarter, now owning 53,936 shares valued at approximately $2.35 million.
• Several analysts upgraded VEON's rating to "strong-buy", with a consensus target price of $60.00, indicating positive momentum in the stock's outlook.
• VEON reported strong quarterly earnings, with an EPS of $8.30, significantly surpassing the consensus estimate of $0.95 and generating a revenue of $1.09 billion.

Cubist Systematic Strategies LLC raised its stake in shares of VEON Ltd. (NASDAQ:VEON - Free Report) by 783.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 53,936 shares of the Wireless communications provider's stock after purchasing an additional 47,832 shares during the quarter. Cubist Systematic Strategies LLC owned 0.07% of VEON worth $2,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in VEON. GAMMA Investing LLC raised its position in shares of VEON by 21.3% during the 1st quarter. GAMMA Investing LLC now owns 3,613 shares of the Wireless communications provider's stock valued at $158,000 after buying an additional 635 shares in the last quarter. BNP Paribas Financial Markets bought a new position in VEON in the fourth quarter valued at $163,000. Jane Street Group LLC purchased a new stake in VEON during the fourth quarter valued at about $236,000. Tidal Investments LLC purchased a new stake in VEON during the fourth quarter valued at about $484,000. Finally, Jump Financial LLC bought a new stake in VEON during the first quarter worth about $493,000. Institutional investors own 21.30% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen upgraded VEON from a "buy" rating to a "strong-buy" rating in a research report on Sunday, June 29th. Zacks Research raised VEON from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. Benchmark reissued a "buy" rating and set a $60.00 price target on shares of VEON in a research note on Monday, June 16th. Finally, Litchfield Hills Research upgraded shares of VEON to a "strong-buy" rating in a report on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat.com, VEON has a consensus rating of "Strong Buy" and a consensus target price of $60.00.

VEON Trading Down 4.9%

Shares of VEON stock opened at $55.01 on Friday. The business has a 50-day moving average of $53.35 and a 200 day moving average of $48.14. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.87 and a quick ratio of 0.87. VEON Ltd. has a 1-year low of $25.93 and a 1-year high of $64.00. The stock has a market capitalization of $4.07 billion, a PE ratio of 4.03 and a beta of 1.63.

VEON (NASDAQ:VEON - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The Wireless communications provider reported $8.30 earnings per share for the quarter, beating the consensus estimate of $0.95 by $7.35. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.02 billion. VEON had a return on equity of 72.76% and a net margin of 23.75%. VEON has set its FY 2025 guidance at EPS.

VEON Profile

VEON Ltd., a digital operator, provides connectivity and internet services in Pakistan, Ukraine, Kazakhstan, Bangladesh, Uzbekistan, and Kyrgyzstan. It offers mobile telecommunications services, including value added and call completion, national and international roaming, wireless Internet access, mobile financial, and mobile bundle services; data connectivity, cross border transit, voice, Internet, and data services; fixed-line telecommunications using intercity fiber optic networks; and Internet-TV using Fiber to the building technology.

Want to see what other hedge funds are holding VEON? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for VEON Ltd. (NASDAQ:VEON - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.