Short Interest in VEON Ltd. (NASDAQ:VEON) Drops By 36.3%

Key Points

• VEON Ltd. experienced a significant reduction in short interest, decreasing by 36.3% in August, bringing the total to 214,400 shares as of the end of the month.
• The company reported strong quarterly earnings with $8.30 EPS, significantly exceeding analyst expectations of $0.95, and total revenue reaching $1.09 billion.
• Analysts have recently upgraded VEON's rating, with two firms issuing a "Strong Buy" recommendation and an average price target set at $60.00 per share.

VEON Ltd. (NASDAQ:VEON - Get Free Report) saw a significant decrease in short interest in the month of August. As of August 31st, there was short interest totaling 214,400 shares, a decrease of 36.3% from the August 15th total of 336,600 shares. Approximately 0.3% of the company's shares are short sold. Based on an average daily volume of 247,500 shares, the short-interest ratio is currently 0.9 days. Based on an average daily volume of 247,500 shares, the short-interest ratio is currently 0.9 days. Approximately 0.3% of the company's shares are short sold.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on VEON. Litchfield Hills Research upgraded shares of VEON to a "strong-buy" rating in a report on Thursday, June 26th. Wall Street Zen upgraded shares of VEON from a "buy" rating to a "strong-buy" rating in a report on Sunday, June 29th. Zacks Research upgraded shares of VEON from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 3rd. Finally, Benchmark reiterated a "buy" rating and set a $60.00 target price on shares of VEON in a report on Monday, June 16th. Two analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Strong Buy" and an average price target of $60.00.

VEON Stock Performance

NASDAQ:VEON traded up $1.51 during trading hours on Friday, reaching $54.34. The company had a trading volume of 89,876 shares, compared to its average volume of 186,618. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 2.57. VEON has a 52 week low of $29.26 and a 52 week high of $64.00. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of 3.98 and a beta of 1.63. The firm's 50 day moving average price is $54.94 and its 200-day moving average price is $48.60.

VEON (NASDAQ:VEON - Get Free Report) last posted its earnings results on Thursday, August 7th. The Wireless communications provider reported $8.30 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $7.35. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.02 billion. VEON had a net margin of 23.75% and a return on equity of 72.76%. VEON has set its FY 2025 guidance at EPS.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of VEON. Osaic Holdings Inc. lifted its stake in shares of VEON by 36.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,443 shares of the Wireless communications provider's stock valued at $66,000 after buying an additional 388 shares in the last quarter. Samson Rock Capital LLP purchased a new stake in VEON in the 2nd quarter worth $138,000. GAMMA Investing LLC lifted its stake in VEON by 21.3% in the 1st quarter. GAMMA Investing LLC now owns 3,613 shares of the Wireless communications provider's stock worth $158,000 after purchasing an additional 635 shares in the last quarter. BNP Paribas Financial Markets purchased a new stake in VEON in the 4th quarter worth $163,000. Finally, Jane Street Group LLC bought a new stake in shares of VEON in the 4th quarter worth about $236,000. Hedge funds and other 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.