VEON (NASDAQ:VEON) Sets New 52-Week High - What's Next?

Key Points

• VEON shares hit a new 52-week high of $69.50, closing near $69.16 after previously ending at $65.00.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $72.00; three analysts rate the stock Buy and two rate it Hold.
• VEON exceeded quarterly expectations, reporting EPS of $1.69 versus the $1.46 estimate and revenue of $1.27 billion versus $1.23 billion expected. A company director also purchased 15,000 shares for $840,000.

VEON Ltd. (NASDAQ:VEON - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $69.50 and last traded at $69.16, with a volume of 270470 shares traded. The stock had previously closed at $65.00.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on VEON shares. Benchmark restated a "buy" rating on shares of VEON in a report on Monday, June 15th. Northland Securities assumed coverage on VEON in a report on Tuesday, June 9th. They set an "outperform" rating and a $70.00 target price on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of VEON in a research report on Thursday, August 13th. Wall Street Zen upgraded VEON from a "hold" rating to a "buy" rating in a report on Sunday, August 9th. Finally, Zacks Research raised shares of VEON from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 4th. Three 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.com, VEON presently has a consensus rating of "Moderate Buy" and an average target price of $72.00.

VEON Price Performance

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 business's 50-day moving average price is $56.62 and its two-hundred day moving average price is $53.58. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 81.36 and a beta of 1.63.

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 (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.23. The firm 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 period in the prior year, the company posted $8.30 earnings per share. On average, research analysts forecast that VEON Ltd. will post 7.39 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director K II purchased 15,000 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was acquired at an average cost of $56.00 per share, for a total transaction of $840,000.00. Following the completion of the purchase, the director owned 91,000 shares of the company's stock, valued at approximately $5,096,000. This trade represents a 19.74% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of VEON

Several institutional investors and hedge funds have recently bought and sold shares of the company. Osaic Holdings Inc. increased its holdings in shares of VEON by 36.8% in the 2nd quarter. Osaic Holdings Inc. now owns 1,443 shares of the Wireless communications provider's stock valued at $66,000 after acquiring an additional 388 shares during the last quarter. Royal Bank of Canada raised its position in shares of VEON by 184.3% during the 4th quarter. Royal Bank of Canada now owns 2,431 shares of the Wireless communications provider's stock valued at $128,000 after acquiring an additional 1,576 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in VEON during the second quarter worth $170,000. Truist Financial Corp lifted its stake in VEON by 5.1% during the fourth quarter. Truist Financial Corp now owns 4,014 shares of the Wireless communications provider's stock worth $211,000 after purchasing an additional 195 shares during the last quarter. Finally, Personal CFO Solutions LLC boosted its holdings in VEON by 14.4% in the first quarter. Personal CFO Solutions LLC now owns 4,689 shares of the Wireless communications provider's stock worth $217,000 after purchasing an additional 592 shares during the period. Institutional investors and hedge funds own 21.30% of the company's stock.

VEON Company Profile

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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