VEON (NASDAQ:VEON) Trading 1.5% Higher – Here’s Why

VEON Ltd. (NASDAQ:VEON)’s share price shot up 1.5% during trading on Friday . The stock traded as high as $38.81 and last traded at $38.57. 33,526 shares changed hands during mid-day trading, a decline of 4% from the average session volume of 35,023 shares. The stock had previously closed at $38.00.

Analyst Upgrades and Downgrades

Separately, Benchmark assumed coverage on VEON in a research report on Tuesday, November 12th. They set a “buy” rating and a $48.00 target price for the company.

VEON Price Performance

The stock has a market cap of $2.88 billion, a PE ratio of 6.14 and a beta of 1.55. The firm’s fifty day moving average price is $33.77 and its 200 day moving average price is $29.85. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 2.66.

VEON (NASDAQ:VEON) last announced its quarterly earnings results on Friday, December 13th. The Wireless communications provider reported $3.00 EPS for the quarter. VEON had a negative net margin of 77.48% and a positive return on equity of 28.73%.

Hedge Funds Weigh In On VEON

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its position in shares of VEON by 41.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,648 shares of the Wireless communications provider’s stock valued at $81,000 after acquiring an additional 776 shares during the last quarter. Samson Rock Capital LLP purchased a new stake in VEON during the third quarter valued at $913,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in VEON during the third quarter valued at $2,069,000. Citigroup Inc. grew its stake in shares of VEON by 13.4% in the 3rd quarter. Citigroup Inc. now owns 248,758 shares of the Wireless communications provider’s stock worth $7,567,000 after buying an additional 29,350 shares in the last quarter. Finally, Helikon Investments Ltd increased its holdings in shares of VEON by 1.8% in the 3rd quarter. Helikon Investments Ltd now owns 2,788,955 shares of the Wireless communications provider’s stock worth $84,840,000 after buying an additional 49,680 shares during the last quarter. 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.