VEON (NASDAQ:VEON) Sets New 52-Week High - Still a Buy?

Key Points

• VEON shares reached a new 52-week high, trading as high as $75.00 and last at $75.5950, giving the company a market capitalization of approximately $5.58 billion.
• Analyst sentiment is generally positive, with three Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $79.50; Northland Securities set an $85 target.
• VEON exceeded quarterly expectations, reporting $1.69 in earnings per share versus $1.46 expected and revenue of $1.27 billion versus $1.23 billion forecast. A company director also purchased 5,000 shares, while institutional ownership stands at 21.3%.

VEON Ltd. (NASDAQ:VEON - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday. The company traded as high as $75.00 and last traded at $75.5950, with a volume of 83090 shares trading hands. The stock had previously closed at $73.97.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Zacks Research raised shares of VEON from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Wall Street Zen raised shares of VEON from a "buy" rating to a "strong-buy" rating in a report on Monday. Benchmark reiterated a "buy" rating on shares of VEON in a research report on Monday, June 15th. Weiss Ratings reiterated a "hold (c)" rating on shares of VEON in a research report on Thursday, August 13th. Finally, Northland Securities set a $85.00 price target on VEON and gave the stock an "outperform" rating in a report on Tuesday. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, VEON has a consensus rating of "Moderate Buy" and an average target price of $79.50.

VEON Price Performance

The stock has a market cap of $5.58 billion, a P/E ratio of 88.79 and a beta of 1.63. The company's 50 day moving average price is $61.17 and its 200-day moving average price is $54.99. The company has a quick ratio of 0.96, a current ratio of 0.97 and a debt-to-equity ratio of 2.30.

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

Insider Activity at VEON

In related news, Director K II purchased 5,000 shares of VEON stock in a transaction on Friday, August 7th. The shares were purchased at an average price of $56.02 per share, for a total transaction of $280,100.00. Following the transaction, the director owned 96,000 shares of the company's stock, valued at approximately $5,377,920. This represents a 5.49% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Hedge Funds Weigh In On VEON

A number of hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. lifted its position in shares of VEON by 10.7% in the 2nd quarter. QRG Capital Management Inc. now owns 19,436 shares of the Wireless communications provider's stock worth $1,015,000 after purchasing an additional 1,879 shares during the period. Integrated Wealth Concepts LLC acquired a new stake in shares of VEON during the second quarter worth $170,000. Cygnus Capital Advisors LLC increased its position 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 buying an additional 14,300 shares during the period. Handelsbanken Fonder AB increased its position in shares of VEON by 7.2% during the second quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider's stock worth $386,000 after buying an additional 500 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its stake in 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 buying an additional 13,315 shares during the last quarter. 21.30% of the stock is currently owned by institutional investors.

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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