VEON (NASDAQ:VEON) Hits New 52-Week High - Here's What Happened

Key Points

• VEON shares reached a new 52-week high of $72.38 before closing at $70.01, giving the company a market capitalization of approximately $5.12 billion.
• Analyst sentiment is generally positive, with three Buy ratings and two Hold ratings producing a consensus “Moderate Buy” rating and a $72 price target.
• VEON exceeded quarterly expectations, reporting earnings of $1.69 per share versus the $1.46 consensus and revenue of $1.27 billion versus estimates of $1.23 billion. A company director also purchased 15,000 shares, while institutional investors own 21.3% of the stock.

VEON Ltd. (NASDAQ:VEON - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $72.38 and last traded at $70.01, with a volume of 746 shares. The stock had previously closed at $69.37.

Analysts Set New Price Targets

Several equities analysts have commented on VEON shares. Benchmark reissued a "buy" rating on shares of VEON in a research report on Monday, June 15th. Northland Securities started coverage on VEON in a research note on Tuesday, June 9th. They issued an "outperform" rating and a $70.00 price objective on the stock. Weiss Ratings restated a "hold (c)" rating on shares of VEON in a research note on Thursday, August 13th. Wall Street Zen cut shares of VEON from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Finally, Zacks Research upgraded shares of VEON from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, VEON presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.00.

VEON Trading Down 0.2%

The company's 50-day moving average is $59.18 and its 200 day moving average is $54.34. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 2.30. The company has a market cap of $5.12 billion, a price-to-earnings ratio of 81.44 and a beta of 1.63.

VEON (NASDAQ:VEON - Get Free Report) last released its quarterly earnings data on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share for the quarter, topping analysts' consensus estimates of $1.46 by $0.23. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates 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. Research analysts predict that VEON Ltd. will post 7.39 EPS for the current year.

Insider Activity

In other news, Director K II bought 15,000 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $56.00 per share, with a total value of $840,000.00. Following the transaction, the director owned 91,000 shares of the company's stock, valued at $5,096,000. This represents a 19.74% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.

Institutional Trading of VEON

Several institutional investors and hedge funds have recently bought and sold shares of VEON. Integrated Wealth Concepts LLC acquired a new position in VEON during the 2nd quarter valued at about $170,000. Cygnus Capital Advisors LLC increased its stake 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 worth $2,777,000 after purchasing an additional 14,300 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in VEON by 7.2% during the second quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider's stock valued at $386,000 after buying an additional 500 shares in the last quarter. Hennion & Walsh Asset Management Inc. increased its position in shares of VEON by 82.2% in 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, 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 acquiring an additional 1,923 shares during the period. Institutional investors and hedge funds own 21.30% of the company's stock.

About VEON

VEON Ltd. NASDAQ: VEON is a global digital communications and services company that provides mobile connectivity, broadband, and digital products in high-growth markets. Its telecommunications operations serve consumers and businesses through mobile voice and data services, messaging, fixed broadband, and related connectivity solutions.

VEON operates through well-known local brands, including Kyivstar in Ukraine, Jazz in Pakistan, Banglalink in Bangladesh, and Beeline in Kazakhstan, Kyrgyzstan, and Uzbekistan.

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