VEON (NASDAQ:VEON) Shares Pass Above 200-Day Moving Average – Here’s Why

VEON Ltd. (NASDAQ:VEON)’s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $51.03 and traded as high as $52.98. VEON shares last traded at $52.53, with a volume of 26,744 shares.

Analyst Ratings Changes

Several equities analysts have recently issued reports on VEON shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of VEON in a research report on Monday. Wall Street Zen downgraded shares of VEON from a “buy” rating to a “hold” rating in a research report on Saturday, November 22nd. Finally, Zacks Research cut shares of VEON from a “hold” rating to a “strong sell” rating in a report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.00.

VEON Stock Performance

The stock has a market capitalization of $3.62 billion, a P/E ratio of 5.97 and a beta of 1.58. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 2.45. The business has a fifty day moving average price of $50.43 and a 200-day moving average price of $51.03.

VEON (NASDAQ:VEON) last released its quarterly earnings data on Monday, November 10th. The Wireless communications provider reported $1.14 EPS for the quarter, missing the consensus estimate of $1.21 by ($0.07). VEON had a return on equity of 58.72% and a net margin of 15.26%.The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion.

VEON announced that its Board of Directors has approved a share repurchase program on Monday, November 17th that authorizes the company to repurchase 0 shares. This repurchase authorization authorizes the Wireless communications provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On VEON

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. raised its stake in VEON by 36.8% during the 2nd quarter. Osaic Holdings Inc. now owns 1,443 shares of the Wireless communications provider’s stock valued at $66,000 after buying an additional 388 shares during the last quarter. Samson Rock Capital LLP bought a new stake in shares of VEON in the second quarter worth $138,000. Truist Financial Corp bought a new stake in shares of VEON in the third quarter worth $208,000. Personal CFO Solutions LLC purchased a new stake in VEON during the third quarter valued at $208,000. Finally, Burns Matteson Capital Management LLC bought a new position in VEON in the third quarter valued at about $211,000. Hedge funds and other institutional investors own 21.30% of the company’s stock.

About VEON

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.