VEON (NASDAQ:VEON) Shares Gap Down - Here's What Happened

VEON Ltd. (NASDAQ:VEON - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $51.69, but opened at $50.25. VEON shares last traded at $49.72, with a volume of 10,222 shares traded.

Analysts Set New Price Targets

Separately, Benchmark boosted their target price on shares of VEON from $56.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, March 25th.

VEON Stock Down 4.8%

The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of 7.76 and a beta of 1.51. The firm's fifty day moving average is $46.74 and its 200-day moving average is $43.27. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.81 and a quick ratio of 0.80.

VEON (NASDAQ:VEON - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The Wireless communications provider reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.53. The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $996.00 million. VEON had a negative net margin of 81.71% and a positive return on equity of 36.48%.

Institutional Trading of VEON

Several institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers raised its holdings in VEON by 300.0% in the fourth quarter. Rhumbline Advisers now owns 720 shares of the Wireless communications provider's stock valued at $29,000 after acquiring an additional 540 shares in the last quarter. GAMMA Investing LLC raised its holdings in VEON by 21.3% in 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in VEON by 100.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,440 shares of the Wireless communications provider's stock valued at $58,000 after acquiring an additional 720 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of VEON by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 43,322 shares of the Wireless communications provider's stock worth $1,737,000 after purchasing an additional 1,254 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of VEON during the fourth quarter worth $58,000. 21.30% of the stock is owned by institutional investors and hedge funds.

About VEON

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.