VEON (NASDAQ:VEON) Sets New 52-Week High - Time to Buy?

Key Points

• VEON shares reached a new 52-week high of $78.88, up 6.4%, giving the company a market capitalization of approximately $6.05 billion.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” from six analysts and an average price target of $90.33; Cantor Fitzgerald set the highest target at $112.
• VEON exceeded quarterly expectations, reporting adjusted earnings of $1.69 per share versus estimates of $1.46 and revenue of $1.27 billion versus $1.23 billion expected. An insider also purchased 15,000 shares, while institutional investors own 21.3% of the stock.

VEON Ltd. (NASDAQ:VEON - Get Free Report)'s share price reached a new 52-week high during trading on Monday. The stock traded as high as $78.88 and last traded at $78.6760, with a volume of 27,904 shares. The stock had previously closed at $76.81.

Analyst Ratings Changes

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

VEON Trading Up 6.4%

The firm has a market cap of $6.05 billion, a P/E ratio of 96.18 and a beta of 1.62. The stock has a fifty day simple moving average of $65.02 and a 200 day simple moving average of $56.51. 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 (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, topping the consensus estimate of $1.46 by $0.23. The firm 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 previous year, the business earned $8.30 earnings per share. On average, research analysts expect that VEON Ltd. will post 7.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other VEON news, Director K II bought 15,000 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was acquired at an average price of $56.00 per share, with a total value of $840,000.00. Following the transaction, the director owned 91,000 shares in the company, valued at $5,096,000. This represents a 19.74% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link.

Institutional Trading of VEON

A number of institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE lifted its holdings 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 valued at $3,230,000 after acquiring an additional 1,923 shares during the period. Cygnus Capital Advisors LLC grew its stake in shares of VEON by 36.8% during the 2nd quarter. Cygnus Capital Advisors LLC now owns 53,180 shares of the Wireless communications provider's stock valued at $2,777,000 after purchasing an additional 14,300 shares during the period. Dorsey Wright & Associates grew 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 valued at $1,642,000 after purchasing an additional 11,129 shares during the period. Diversify Wealth Management LLC grew its stake in shares of VEON by 43.0% during the 1st quarter. Diversify Wealth Management LLC now owns 30,497 shares of the Wireless communications provider's stock valued at $1,497,000 after purchasing an additional 9,168 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its stake in shares of VEON by 82.2% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 29,518 shares of the Wireless communications provider's stock valued at $1,541,000 after purchasing an additional 13,315 shares during the period. Hedge funds and other institutional investors own 21.30% of the company's stock.

About VEON

VEON Ltd. is a global telecommunications and digital services company that provides mobile and fixed connectivity, communications services, and digital products through operating companies in emerging markets. Its services include voice and data plans, broadband access, mobile financial services, digital entertainment, and business solutions for consumers and enterprises.

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

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