VEON (NASDAQ:VEON) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded VEON from “hold” to “buy.” The stock has a consensus “Moderate Buy” rating and an average analyst price target of $72.00.
• VEON reported quarterly earnings of $1.69 per share, exceeding the $1.46 consensus estimate, while revenue reached $1.27 billion versus expectations of $1.23 billion.
• VEON shares opened at $57.10, with a 52-week range of $42.60 to $64.00 and a market capitalization of approximately $4.22 billion. Institutional investors and hedge funds own 21.30% of the stock.

VEON (NASDAQ:VEON - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Sunday.

Several other brokerages have also recently issued reports on VEON. Rothschild & Co Redburn set a $74.00 price target on VEON and gave the company a "buy" rating in a research report on Thursday, April 16th. Benchmark reaffirmed a "buy" rating on shares of VEON in a research report on Monday, June 15th. Zacks Research upgraded VEON from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 4th. Weiss Ratings lowered VEON from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 18th. Finally, Northland Securities initiated coverage on VEON in a research note on Tuesday, June 9th. They set an "outperform" rating and a $70.00 price target for the company. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $72.00.

VEON Price Performance

NASDAQ:VEON opened at $57.10 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.97 and a debt-to-equity ratio of 2.30. VEON has a 52 week low of $42.60 and a 52 week high of $64.00. The stock's fifty day moving average is $52.33 and its two-hundred day moving average is $52.44. The company has a market capitalization of $4.22 billion, a P/E ratio of 67.18 and a beta of 1.65.

VEON (NASDAQ:VEON - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The Wireless communications provider reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.23. The firm had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.23 billion. VEON had a net margin of 1.24% and a return on equity of 14.93%. During the same period in the previous year, the company earned $8.30 earnings per share. Equities analysts expect that VEON will post 7.28 EPS for the current year.

Hedge Funds Weigh In On VEON

A number of institutional investors and hedge funds have recently made changes to their positions in VEON. NewEdge Advisors LLC acquired a new stake in shares of VEON in the first quarter valued at about $400,000. Jones Financial Companies Lllp grew its position in VEON by 84,690.0% during the first quarter. Jones Financial Companies Lllp now owns 16,958 shares of the Wireless communications provider's stock worth $740,000 after buying an additional 16,938 shares during the period. Jane Street Group LLC grew its position in VEON by 177.9% during the first quarter. Jane Street Group LLC now owns 16,374 shares of the Wireless communications provider's stock worth $714,000 after buying an additional 10,483 shares during the period. JPMorgan Chase & Co. increased its holdings in VEON by 267.0% in the second quarter. JPMorgan Chase & Co. now owns 55,827 shares of the Wireless communications provider's stock valued at $2,572,000 after buying an additional 40,614 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of VEON by 1.0% during the 2nd quarter. Bank of America Corp DE now owns 53,571 shares of the Wireless communications provider's stock valued at $2,468,000 after acquiring an additional 538 shares during the period. 21.30% of the stock is owned by institutional investors and hedge funds.

VEON Company Profile

VEON Ltd NASDAQ: VEON is a global telecommunications and digital services provider headquartered in Amsterdam, the Netherlands. Originally founded as VimpelCom in Russia in 1992, the company rebranded to VEON in 2017 to reflect its transformation into a technology-driven operator. VEON operates as a holding company with direct investments in mobile and internet service providers across multiple emerging markets, delivering voice, data and digital services to individual and enterprise customers.

Through its operating subsidiaries, VEON offers a broad portfolio that includes 2G/3G/4G mobile access, fixed broadband, digital lifestyle applications and mobile financial services.

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