VEON Ltd. (NASDAQ:VEON) Position Lessened by Helikon Investments Ltd

Key Points

• Helikon Investments Ltd reduced its stake in VEON Ltd. by 16.7%, owning 2,437,797 shares, which constitute about 8.1% of its investment portfolio.
• VEON reported earnings with an EPS of $8.30, significantly exceeding analyst expectations of $0.95, and achieved revenue of $1.09 billion for the quarter.
• Several research firms upgraded VEON's rating to "strong-buy", with Benchmark setting a target price of $60.00 per share.

Helikon Investments Ltd trimmed its holdings in VEON Ltd. (NASDAQ:VEON - Free Report) by 16.7% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,437,797 shares of the Wireless communications provider's stock after selling 489,307 shares during the period. VEON makes up about 8.1% of Helikon Investments Ltd's holdings, making the stock its 5th largest holding. Helikon Investments Ltd owned approximately 3.30% of VEON worth $106,312,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC increased its position in shares of VEON by 21.3% during the first quarter. GAMMA Investing LLC now owns 3,613 shares of the Wireless communications provider's stock worth $158,000 after purchasing an additional 635 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in VEON during the 4th quarter worth approximately $163,000. JPMorgan Chase & Co. boosted its stake in shares of VEON by 120.8% during the 4th quarter. JPMorgan Chase & Co. now owns 5,848 shares of the Wireless communications provider's stock worth $235,000 after acquiring an additional 3,200 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of VEON during the 4th quarter worth approximately $236,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in VEON in the 4th quarter valued at approximately $245,000. 21.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

VEON has been the topic of a number of recent research reports. Litchfield Hills Research raised VEON to a "strong-buy" rating in a research note on Thursday, June 26th. Wall Street Zen upgraded VEON from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. Finally, Benchmark restated a "buy" rating and set a $60.00 price objective on shares of VEON in a report on Monday, June 16th.

VEON Stock Up 0.4%

NASDAQ VEON traded up $0.25 during trading hours on Monday, hitting $56.45. The company had a trading volume of 179,079 shares, compared to its average volume of 216,316. VEON Ltd. has a fifty-two week low of $25.92 and a fifty-two week high of $59.68. The company has a market capitalization of $4.18 billion, a price-to-earnings ratio of 4.14 and a beta of 1.50. The company has a debt-to-equity ratio of 2.17, a current ratio of 0.81 and a quick ratio of 0.80. The firm's 50 day moving average is $48.04 and its 200 day moving average is $46.31.

VEON (NASDAQ:VEON - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The Wireless communications provider reported $8.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $7.35. VEON had a return on equity of 75.40% and a net margin of 23.75%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.02 billion.

VEON Company 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.