VEON (NASDAQ:VEON) Reaches New 1-Year High - Time to Buy?

Key Points

• VEON shares reached a new 52-week high, trading as high as $65.50 and last changing hands near $64.97, up from a previous close of $62.32.
• Analyst sentiment is broadly positive, with three Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $72.
• VEON exceeded quarterly expectations, reporting $1.69 in earnings per share versus a $1.46 estimate and revenue of $1.27 billion versus $1.23 billion expected; an executive director also purchased 5,000 shares.

VEON Ltd. (NASDAQ:VEON - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $65.50 and last traded at $64.9650, with a volume of 52941 shares traded. The stock had previously closed at $62.32.

Analyst Ratings Changes

A number of brokerages recently issued reports on VEON. Northland Securities started coverage on shares of VEON in a report on Tuesday, June 9th. They issued an "outperform" rating and a $70.00 price objective for the company. Benchmark reaffirmed a "buy" rating on shares of VEON in a research note on Monday, June 15th. Weiss Ratings reiterated a "hold (c)" rating on shares of VEON in a report on Thursday, August 13th. Wall Street Zen raised shares of VEON from a "hold" rating to a "buy" rating in a research note on Sunday, August 9th. Finally, Zacks Research upgraded shares of VEON from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Three 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 an average target price of $72.00.

VEON Stock Performance

The stock has a market capitalization of $4.77 billion, a PE ratio of 75.68 and a beta of 1.63. 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 stock has a fifty day moving average of $54.70 and a 200-day moving average of $53.00.

VEON (NASDAQ:VEON - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The Wireless communications provider reported $1.69 EPS for the quarter, topping the consensus estimate of $1.46 by $0.23. The business had revenue of $1.27 billion during the quarter, compared to analysts' expectations 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 prior year, the business earned $8.30 earnings per share. Equities analysts anticipate that VEON Ltd. will post 7.39 earnings per share for the current fiscal year.

Insider Activity at VEON

In related news, Director Augie K. Fabela II purchased 5,000 shares of the stock in a transaction dated Friday, August 7th. The shares were 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. This trade represents a 5.49% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website.

Institutional Investors Weigh In On VEON

Institutional investors have recently modified their holdings of the company. Lingotto Investment Management LLP boosted its position in VEON by 0.3% during the fourth quarter. Lingotto Investment Management LLP now owns 6,060,852 shares of the Wireless communications provider's stock worth $318,619,000 after purchasing an additional 16,758 shares in the last quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new position in shares of VEON in the fourth quarter valued at $1,293,000. K2 Principal Fund L.P. purchased a new position in shares of VEON in the fourth quarter valued at $1,015,000. Dorsey Wright & Associates raised its stake in shares of VEON by 45.7% during the 1st quarter. Dorsey Wright & Associates now owns 35,457 shares of the Wireless communications provider's stock worth $1,642,000 after buying an additional 11,129 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its position in shares of VEON by 82.2% in 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 buying an additional 13,315 shares in the last quarter. Hedge funds and other institutional investors 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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