VEON (NASDAQ:VEON) Stock Price Up 5.3% - Here's What Happened

Key Points

• VEON shares rose 5.3% to $79.17, above the prior close of $75.15, while trading volume was 14% below its average.
• VEON reported quarterly EPS of $2.67, beating the $1.73 analyst consensus; revenue of $1.31 billion was in line with expectations.
• Analysts give the stock a consensus Moderate Buy rating and an average price target of $90.33.

Shares of VEON Ltd. (NASDAQ:VEON - Get Free Report) shot up 5.3% during trading on Friday. The company traded as high as $79.23 and last traded at $79.17. Approximately 99,318 shares were traded during mid-day trading, a decline of 14% from the average daily volume of 115,796 shares. The stock had previously closed at $75.15.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on VEON. Weiss Ratings raised shares of VEON from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday. Northland Securities set a $85.00 price target on shares of VEON and gave the stock an "outperform" rating in a research report on Tuesday, September 29th. Cantor Fitzgerald assumed coverage on shares of VEON in a research note on Friday, October 2nd. They set an "overweight" rating and a $112.00 price objective for the company. Zacks Research upgraded VEON from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 4th. Finally, Wall Street Zen upgraded VEON from a "buy" rating to a "strong-buy" rating in a report on Saturday, November 7th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $90.33.

VEON Stock Performance

The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.96 and a current ratio of 0.95. The stock's fifty day moving average price is $75.74 and its 200-day moving average price is $58.82. The company has a market capitalization of $5.86 billion, a P/E ratio of 14.77 and a beta of 1.65.

VEON (NASDAQ:VEON - Get Free Report) last posted its quarterly earnings results on Friday, November 6th. The Wireless communications provider reported $2.67 EPS for the quarter, topping analysts' consensus estimates of $1.73 by $0.94. VEON had a return on equity of 20.20% and a net margin of 7.62%. The business had revenue of $1.31 billion during the quarter, compared to analysts' expectations of $1.31 billion. As a group, research analysts anticipate that VEON Ltd. will post 7.51 EPS for the current fiscal year.

Institutional Investors Weigh In On VEON

Several hedge funds have recently bought and sold shares of VEON. Mirae Asset Global Investments Co. Ltd. bought a new stake in VEON in the 3rd quarter valued at $53,000. Integrated Wealth Concepts LLC bought a new position in VEON during the second quarter worth about $170,000. Crossmark Global Holdings Inc. acquired a new stake in VEON in the 3rd quarter worth about $243,000. R Squared Ltd raised its stake in VEON by 2.6% in the 3rd quarter. R Squared Ltd now owns 6,110 shares of the Wireless communications provider's stock worth $452,000 after purchasing an additional 153 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings 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 purchasing an additional 500 shares during the period. 21.30% of the stock is currently owned by institutional investors and hedge funds.

VEON Company Profile

VEON Ltd. is an international telecommunications and digital services company that provides mobile and fixed connectivity, along with consumer and business services. Its offerings include voice and data plans, broadband, digital payments, entertainment, and other services delivered through its networks and digital platforms. The company serves customers in Bangladesh, Kazakhstan, Kyrgyzstan, Pakistan, Ukraine, and Uzbekistan through local operating companies and brands, including Banglalink, Jazz, Kyivstar, and Beeline.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.