VEON (NASDAQ:VEON) Hits New 1-Year High - Here's Why

Key Points

• VEON shares reached a new 52-week high of $63.48, supported by improving analyst sentiment. The stock has a consensus “Moderate Buy” rating and an average price target of $72.00.
• VEON exceeded quarterly expectations, reporting earnings of $1.69 per share versus the $1.46 consensus estimate and revenue of $1.27 billion, above forecasts of $1.23 billion.
• Investor confidence was also reflected in a director’s purchase of 15,000 shares worth $840,000, while several institutional investors increased their positions. Institutional and hedge-fund ownership stands at 21.30%.

VEON Ltd. (NASDAQ:VEON - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $63.48 and last traded at $62.9850, with a volume of 12639 shares traded. The stock had previously closed at $62.34.

Analyst Ratings Changes

VEON has been the subject of several analyst reports. Zacks Research raised VEON from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Benchmark reissued a "buy" rating on shares of VEON in a research note on Monday, June 15th. Wall Street Zen upgraded VEON from a "hold" rating to a "buy" rating in a report on Sunday, August 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of VEON in a research note on Thursday, August 13th. Finally, Northland Securities started coverage on shares of VEON in a report on Tuesday, June 9th. They issued an "outperform" rating and a $70.00 target price for the company. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, VEON has a consensus rating of "Moderate Buy" and an average price target of $72.00.

VEON Stock Down 0.0%

The company has a debt-to-equity ratio of 2.30, a current ratio of 0.97 and a quick ratio of 0.96. The firm has a market cap of $4.61 billion, a PE ratio of 73.32 and a beta of 1.65. The business has a fifty day moving average price of $53.75 and a two-hundred day moving average price of $52.73.

VEON (NASDAQ:VEON - Get Free Report) last posted its quarterly earnings results 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. VEON had a return on equity of 14.93% and a net margin of 1.24%.The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the firm earned $8.30 earnings per share. On average, analysts anticipate that VEON Ltd. will post 7.39 EPS for the current fiscal year.

Insider Buying and Selling at VEON

In related news, Director Augie K. Fabela II purchased 15,000 shares of VEON stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $56.00 per share, with a total value of $840,000.00. Following the completion of the transaction, the director directly owned 91,000 shares of the company's stock, valued at $5,096,000. This trade represents a 19.74% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in VEON. Wellington Management Group LLP lifted its position in VEON by 66.5% in the 4th quarter. Wellington Management Group LLP now owns 977,400 shares of the Wireless communications provider's stock worth $51,382,000 after buying an additional 390,294 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of VEON during the third quarter worth $15,005,000. Panview Capital Ltd boosted its position in VEON by 24.7% during the fourth quarter. Panview Capital Ltd now owns 514,927 shares of the Wireless communications provider's stock valued at $27,070,000 after purchasing an additional 101,906 shares during the last quarter. Pictet Asset Management Holding SA boosted its position in VEON by 77.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 225,643 shares of the Wireless communications provider's stock valued at $11,862,000 after purchasing an additional 98,618 shares during the last quarter. Finally, Millennium Management LLC grew its stake in VEON by 275.3% in the third quarter. Millennium Management LLC now owns 133,478 shares of the Wireless communications provider's stock valued at $7,265,000 after purchasing an additional 97,913 shares in the last quarter. Institutional investors and hedge funds own 21.30% of the company's stock.

About VEON

VEON Ltd NASDAQ: VEON is a global telecommunications and digital services provider headquartered in Amsterdam, the Netherlands. Originally founded as VimpelCom in Russia in 1992, the company rebranded to VEON in 2017 to reflect its transformation into a technology-driven operator. VEON operates as a holding company with direct investments in mobile and internet service providers across multiple emerging markets, delivering voice, data and digital services to individual and enterprise customers.

Through its operating subsidiaries, VEON offers a broad portfolio that includes 2G/3G/4G mobile access, fixed broadband, digital lifestyle applications and mobile financial services.

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