VEON (NASDAQ:VEON) Stock Falls 6.8% - Here's What Happened

Key Points

• VEON shares fell 6.8% to $68.52, with trading volume 46% below the average daily level.
• Analyst sentiment remains generally positive: three analysts rate VEON a Buy and two rate it Hold, producing a “Moderate Buy” consensus and an average price target of $72.
• VEON’s latest quarterly results exceeded expectations, reporting $1.69 in earnings per share versus the $1.46 consensus and $1.27 billion in revenue versus the $1.23 billion estimate.

VEON Ltd. (NASDAQ:VEON - Get Free Report) was down 6.8% on Monday. The stock traded as low as $68.36 and last traded at $68.5150. 55,664 shares traded hands during trading, a decline of 46% from the average daily volume of 103,315 shares. The stock had previously closed at $73.52.

Analysts Set New Price Targets

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

VEON Trading Down 6.4%

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 business has a fifty day simple moving average of $60.39 and a 200 day simple moving average of $54.73. The company has a market cap of $5.09 billion, a price-to-earnings ratio of 81.09 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 for the quarter, topping analysts' consensus estimates of $1.46 by $0.23. The business 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 EPS. On average, equities analysts anticipate that VEON Ltd. will post 7.39 EPS for the current fiscal year.

Insider Activity

In related news, Director K II purchased 5,000 shares of VEON stock in a transaction dated Friday, August 7th. The stock was bought at an average cost of $56.02 per share, for a total transaction of $280,100.00. Following the transaction, the director owned 96,000 shares in the company, valued at approximately $5,377,920. The trade was a 5.49% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Institutional Investors Weigh In On VEON

A number of institutional investors and hedge funds have recently modified their holdings of VEON. QRG Capital Management Inc. grew its holdings in VEON by 10.7% in the second quarter. QRG Capital Management Inc. now owns 19,436 shares of the Wireless communications provider's stock valued at $1,015,000 after purchasing an additional 1,879 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of VEON during the 2nd quarter worth $170,000. Cygnus Capital Advisors LLC raised 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 worth $2,777,000 after buying an additional 14,300 shares during the last quarter. Handelsbanken Fonder AB boosted its position in shares of VEON by 7.2% in the 2nd 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 in 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. Institutional investors and hedge funds own 21.30% of the company's stock.

VEON Company Profile

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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