Shah Capital Management Sells 18,406 Shares of VEON Ltd. $VEON

Key Points

• Shah Capital Management sold 18,406 VEON shares in the third quarter, reducing its stake by 0.4% to 4.65 million shares. VEON remains the firm’s largest holding, representing 56.8% of its portfolio and about 6.29% of VEON’s outstanding shares.
• Several institutional investors increased their VEON positions, while institutional ownership stood at 21.3%. VEON shares recently traded at $76.84, near their 12-month high of $78.83.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $90.33 target price. Recent targets include $85 from Northland Securities and $112 from Cantor Fitzgerald.

Shah Capital Management trimmed its position in shares of VEON Ltd. (NASDAQ:VEON - Free Report) by 0.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,649,172 shares of the Wireless communications provider's stock after selling 18,406 shares during the period. VEON accounts for approximately 56.8% of Shah Capital Management's holdings, making the stock its biggest position. Shah Capital Management owned approximately 6.29% of VEON worth $343,713,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of VEON. Bank of America Corp DE raised its holdings in shares of 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 valued at $3,230,000 after buying an additional 1,923 shares during the last quarter. Cygnus Capital Advisors LLC increased its position in VEON by 36.8% in the 2nd quarter. Cygnus Capital Advisors LLC now owns 53,180 shares of the Wireless communications provider's stock valued at $2,777,000 after acquiring an additional 14,300 shares during the period. Dorsey Wright & Associates raised its stake in VEON by 45.7% during the 1st quarter. Dorsey Wright & Associates now owns 35,457 shares of the Wireless communications provider's stock valued at $1,642,000 after acquiring an additional 11,129 shares in the last quarter. Diversify Wealth Management LLC raised its stake in VEON by 43.0% during the 1st quarter. Diversify Wealth Management LLC now owns 30,497 shares of the Wireless communications provider's stock valued at $1,497,000 after acquiring an additional 9,168 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its position in VEON by 82.2% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 29,518 shares of the Wireless communications provider's stock worth $1,541,000 after acquiring an additional 13,315 shares during the period. Institutional investors own 21.30% of the company's stock.

VEON Price Performance

NASDAQ VEON traded down $0.23 on Friday, reaching $76.84. The company's stock had a trading volume of 41,331 shares, compared to its average volume of 107,133. VEON Ltd. has a twelve month low of $42.60 and a twelve month high of $78.83. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.96 and a current ratio of 0.97. The firm's 50 day moving average is $64.53 and its two-hundred day moving average is $56.31. The stock has a market cap of $5.68 billion, a PE ratio of 90.40 and a beta of 1.62.

VEON (NASDAQ:VEON - Get Free Report) last released its earnings results on Friday, July 31st. The Wireless communications provider reported $1.69 EPS for the quarter, topping analysts' consensus estimates of $1.46 by $0.23. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.23 billion. VEON had a net margin of 1.24% and a return on equity of 14.93%. During the same period in the previous year, the firm earned $8.30 EPS. As a group, sell-side analysts predict that VEON Ltd. will post 7.39 EPS for the current year.

Insider Activity at VEON

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

Analyst Ratings Changes

A number of brokerages recently weighed in on VEON. Northland Securities set a $85.00 price objective on shares of VEON and gave the company an "outperform" rating in a research note on Tuesday, September 29th. Wall Street Zen cut shares of VEON from a "strong-buy" rating to a "buy" rating in a research note on Tuesday. Benchmark restated a "buy" rating on shares of VEON in a research report on Monday, June 15th. Zacks Research raised shares of VEON from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Finally, Cantor Fitzgerald initiated coverage on shares of VEON in a report on Friday, October 2nd. They issued an "overweight" rating and a $112.00 price objective for the company. 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $90.33.

VEON 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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