VEON Ltd. (NASDAQ:VEON) Sees Significant Growth in Short Interest

Key Points

• The short interest in VEON Ltd. increased by 3,217.6% in July, rising from 6,800 shares to 225,600 shares, indicating heightened investor pessimism.
• VEON reported an EPS of $1.36 in its latest earnings, significantly beating analysts' estimates of $0.83, with revenue of $1.03 billion also surpassing expectations.
• Several analysts recently upgraded VEON's rating to "strong-buy" with a price target of $60.00, reflecting increasing confidence in the stock.

VEON Ltd. (NASDAQ:VEON - Get Free Report) saw a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 225,600 shares, agrowthof3,217.6% from the June 30th total of 6,800 shares. Approximately0.3% of the shares of the company are short sold. Based on an average daily trading volume, of 247,700 shares, the days-to-cover ratio is presently 0.9 days. Based on an average daily trading volume, of 247,700 shares, the days-to-cover ratio is presently 0.9 days. Approximately0.3% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on VEON. Wall Street Zen raised VEON from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. Benchmark reissued a "buy" rating and set a $60.00 price target on shares of VEON in a report on Monday, June 16th. Finally, Litchfield Hills Research raised VEON to a "strong-buy" rating in a report on Thursday, June 26th.

VEON Trading Down 7.6%

VEON traded down $4.16 during trading on Friday, reaching $50.55. The company had a trading volume of 285,830 shares, compared to its average volume of 217,609. VEON has a 12-month low of $25.92 and a 12-month high of $59.68. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 7.97 and a beta of 1.50. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.80 and a current ratio of 0.81. The firm's 50-day simple moving average is $48.14 and its 200 day simple moving average is $46.00.

VEON (NASDAQ:VEON - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The Wireless communications provider reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.53. VEON had a return on equity of 36.24% and a net margin of 11.18%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $996.00 million.

Institutional Investors Weigh In On VEON

A number of large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in VEON by 21.3% during the first quarter. GAMMA Investing LLC now owns 3,613 shares of the Wireless communications provider's stock valued at $158,000 after purchasing an additional 635 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in VEON during the fourth quarter valued at approximately $163,000. Bank of America Corp DE grew its holdings in VEON by 33.6% during the fourth quarter. Bank of America Corp DE now owns 26,468 shares of the Wireless communications provider's stock valued at $1,061,000 after purchasing an additional 6,659 shares during the last quarter. Cyrus Capital Partners L.P. acquired a new position in VEON during the fourth quarter valued at approximately $2,994,000. Finally, J. Goldman & Co LP acquired a new position in VEON during the fourth quarter valued at approximately $2,084,000. Institutional investors own 21.30% of the company's stock.

VEON Company Profile

VEON Ltd., a digital operator, provides connectivity and internet services in Pakistan, Ukraine, Kazakhstan, Bangladesh, Uzbekistan, and Kyrgyzstan. It offers mobile telecommunications services, including value added and call completion, national and international roaming, wireless Internet access, mobile financial, and mobile bundle services; data connectivity, cross border transit, voice, Internet, and data services; fixed-line telecommunications using intercity fiber optic networks; and Internet-TV using Fiber to the building technology.