VEON Ltd. $VEON Stock Sold by RWC Asset Management LLP

Key Points

• RWC Asset Management cut its VEON position by 51.3% in the third quarter, selling 35,022 shares and retaining 33,185 shares worth approximately $2.45 million. Institutional investors collectively own 21.3% of VEON.
• Analyst sentiment remains positive: five analysts rate VEON a Buy and one rates it Hold, resulting in a consensus “Moderate Buy” rating and an average price target of $90.33.
• VEON shares rose 4.7% to $83.01, near the company’s 12-month high of $85.27. The company also exceeded quarterly earnings and revenue expectations, reporting $1.69 in EPS and $1.27 billion in revenue.

RWC Asset Management LLP trimmed its position in shares of VEON Ltd. (NASDAQ:VEON - Free Report) by 51.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,185 shares of the Wireless communications provider's stock after selling 35,022 shares during the period. RWC Asset Management LLP's holdings in VEON were worth $2,453,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Bank of America Corp DE boosted its stake in VEON by 2.8% in 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 buying an additional 1,923 shares in the last quarter. Cygnus Capital Advisors LLC raised its stake in shares of VEON by 36.8% during the second quarter. Cygnus Capital Advisors LLC now owns 53,180 shares of the Wireless communications provider's stock worth $2,777,000 after acquiring an additional 14,300 shares in the last quarter. Dorsey Wright & Associates raised its stake in shares of VEON by 45.7% during the first quarter. Dorsey Wright & Associates now owns 35,457 shares of the Wireless communications provider's stock worth $1,642,000 after acquiring an additional 11,129 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its stake in shares of VEON by 82.2% during the second 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 in the last quarter. Finally, Diversify Wealth Management LLC lifted its holdings in shares of VEON by 43.0% in the 1st quarter. Diversify Wealth Management LLC now owns 30,497 shares of the Wireless communications provider's stock worth $1,497,000 after acquiring an additional 9,168 shares during the last quarter. Institutional investors own 21.30% of the company's stock.

Insider Activity at VEON

In other news, Director K II purchased 15,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was bought at an average cost of $56.00 per share, for a total transaction of $840,000.00. Following the acquisition, the director directly owned 91,000 shares of the company's stock, valued at $5,096,000. This represents a 19.74% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on VEON shares. Cantor Fitzgerald assumed coverage on shares of VEON in a research note on Friday, October 2nd. They issued an "overweight" rating and a $112.00 price objective for the company. Weiss Ratings upgraded shares of VEON from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday. Northland Securities set a $85.00 target price on shares of VEON and gave the stock an "outperform" rating in a research report on Tuesday, September 29th. Wall Street Zen downgraded shares of VEON from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, October 6th. Finally, Zacks Research upgraded shares of VEON from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $90.33.

VEON Trading Up 4.7%

VEON traded up $3.74 on Friday, hitting $83.01. 381,137 shares of the company were exchanged, compared to its average volume of 199,691. The firm has a fifty day simple moving average of $70.16 and a two-hundred day simple moving average of $58.85. 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 Ltd. has a 12 month low of $42.60 and a 12 month high of $85.27. The stock has a market capitalization of $6.14 billion, a PE ratio of 97.66 and a beta of 1.62.

VEON (NASDAQ:VEON - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.23. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.23 billion. VEON had a return on equity of 14.93% and a net margin of 1.24%. During the same quarter in the previous year, the company posted $8.30 earnings per share. Sell-side analysts expect that VEON Ltd. will post 7.39 earnings per share for the current year.

About VEON

VEON Ltd. is a global digital communications and services company that provides mobile connectivity, fixed broadband, and digital products to consumers and businesses. The company operates through a portfolio of local telecommunications brands, offering voice and messaging services, mobile data, broadband access, and related enterprise solutions.

VEON's principal operating brands include Kyivstar in Ukraine, Jazz in Pakistan, Banglalink in Bangladesh, and Beeline-branded businesses in Kazakhstan, Uzbekistan, and Kyrgyzstan.

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