VEON (NASDAQ:VEON) Hits New 1-Year High – Here’s Why

VEON Ltd. (NASDAQ:VEON) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $59.68 and last traded at $50.85, with a volume of 348965 shares traded. The stock had previously closed at $45.48.

Wall Street Analysts Forecast Growth

VEON has been the topic of a number of research analyst reports. Wall Street Zen upgraded VEON from a “buy” rating to a “strong-buy” rating in a report on Sunday, June 29th. Litchfield Hills Research upgraded VEON to a “strong-buy” rating in a report on Thursday, June 26th. Finally, Benchmark reiterated a “buy” rating and set a $60.00 price target on shares of VEON in a report on Monday, June 16th.

VEON Trading Up 8.6%

The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 7.79 and a beta of 1.44. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 2.17. The business has a 50-day moving average of $47.43 and a 200-day moving average of $44.94.

VEON (NASDAQ:VEON) last released its quarterly earnings data on Thursday, May 15th. The Wireless communications provider reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.53. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $996.00 million. VEON had a return on equity of 36.24% and a net margin of 11.18%.

Institutional Trading of VEON

A number of institutional investors have recently bought and sold shares of VEON. GAMMA Investing LLC lifted its position in shares of VEON by 21.3% in the first quarter. GAMMA Investing LLC now owns 3,613 shares of the Wireless communications provider’s stock worth $158,000 after buying an additional 635 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of VEON in the fourth quarter worth about $163,000. JPMorgan Chase & Co. lifted its position in shares of VEON by 120.8% in the fourth quarter. JPMorgan Chase & Co. now owns 5,848 shares of the Wireless communications provider’s stock worth $235,000 after buying an additional 3,200 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of VEON in the fourth quarter worth about $236,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of VEON in the fourth quarter worth about $245,000. Institutional investors and hedge funds own 21.30% of the company’s stock.

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.