VEON (NASDAQ:VEON) Shares Down 3.7% - Here's Why

Key Points

• VEON Ltd.'s share price fell 3.7% to $48.66, with trading volumes down 16% from the average.
• Despite the recent drop, analysts remain optimistic, with a "strong-buy" rating and a price target of $60.00 from Benchmark.
• VEON reported a quarterly earnings per share (EPS) of $1.36, exceeding consensus estimates and indicating a healthy net margin of 11.18%.

VEON Ltd. (NASDAQ:VEON - Get Free Report)'s share price dropped 3.7% on Monday . The company traded as low as $47.60 and last traded at $48.66. Approximately 155,072 shares traded hands during trading, a decline of 16% from the average daily volume of 184,372 shares. The stock had previously closed at $50.55.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on VEON shares. Benchmark reissued a "buy" rating and issued a $60.00 price target on shares of VEON in a research report on Monday, June 16th. Litchfield Hills Research raised shares of VEON to a "strong-buy" rating in a research note on Thursday, June 26th. Finally, Wall Street Zen raised shares of VEON from a "buy" rating to a "strong-buy" rating in a research note on Sunday, June 29th.

VEON Stock Down 2.9%

The stock's 50-day moving average price is $48.14 and its two-hundred day moving average price is $46.00. The stock has a market capitalization of $3.63 billion, a PE ratio of 7.74 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.

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, beating the consensus estimate of $0.83 by $0.53. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $996.00 million. VEON had a net margin of 11.18% and a return on equity of 36.24%.

Institutional Investors Weigh In On VEON

Institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC increased its position 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 acquiring an additional 635 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in VEON during the 4th quarter valued at about $163,000. Bank of America Corp DE boosted its position in VEON by 33.6% in the 4th quarter. Bank of America Corp DE now owns 26,468 shares of the Wireless communications provider's stock valued at $1,061,000 after buying an additional 6,659 shares during the period. Cyrus Capital Partners L.P. purchased a new stake in VEON in the 4th quarter valued at about $2,994,000. Finally, J. Goldman & Co LP bought a new position in VEON in the 4th quarter worth about $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.

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