VEON Ltd. $VEON Stock Position Lessened by Shah Capital Management

Key Points

• Shah Capital Management reduced its stake in VEON Ltd. by 0.5%, still making it the largest holding in their investment portfolio with a valuation of $226.6 million.
• VEON reported impressive quarterly earnings, with an EPS of $8.30 that greatly exceeded analyst estimates, and revenue of $1.09 billion.
• Several research analysts upgraded VEON's stock rating, with firms like Zacks Research and Wall Street Zen moving it to a "strong-buy" status, and an average price target of $60.00.

Shah Capital Management cut its stake in VEON Ltd. (NASDAQ:VEON - Free Report) by 0.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,918,757 shares of the Wireless communications provider's stock after selling 24,033 shares during the quarter. VEON accounts for about 44.1% of Shah Capital Management's investment portfolio, making the stock its largest holding. Shah Capital Management owned 6.65% of VEON worth $226,607,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in VEON by 21.3% in 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 during the last quarter. NewEdge Advisors LLC bought a new position in shares of VEON during the 1st quarter valued at $400,000. Jump Financial LLC purchased a new position in shares of VEON in the 1st quarter worth $493,000. Jane Street Group LLC grew its holdings in shares of VEON by 177.9% in the first quarter. Jane Street Group LLC now owns 16,374 shares of the Wireless communications provider's stock worth $714,000 after acquiring an additional 10,483 shares during the period. Finally, Jones Financial Companies Lllp increased its position in VEON by 84,690.0% during the first quarter. Jones Financial Companies Lllp now owns 16,958 shares of the Wireless communications provider's stock valued at $740,000 after acquiring an additional 16,938 shares during the last quarter. Institutional investors own 21.30% of the company's stock.

VEON Stock Down 1.2%

Shares of VEON stock opened at $51.56 on Tuesday. 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 one year low of $29.29 and a one year high of $64.00. The company's fifty day moving average price is $55.15 and its 200-day moving average price is $49.52. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of 3.78 and a beta of 1.58.

VEON (NASDAQ:VEON - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The Wireless communications provider reported $8.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $7.35. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates 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.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on VEON shares. Zacks Research raised VEON from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 3rd. Benchmark reiterated a "buy" rating and issued a $60.00 price objective on shares of VEON in a research note on Monday, June 16th. Wall Street Zen raised shares of VEON from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of VEON in a report on Saturday, September 27th. Finally, Litchfield Hills Research upgraded shares of VEON to a "strong-buy" rating in a research report on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $60.00.

About VEON

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.

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