VEON (NASDAQ:VEON) Stock Price Up 7.2% – Here’s Why

VEON Ltd. (NASDAQ:VEON)’s stock price shot up 7.2% during mid-day trading on Thursday . The stock traded as high as $43.07 and last traded at $43.00. 33,292 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 36,856 shares. The stock had previously closed at $40.10.

Wall Street Analysts Forecast Growth

Separately, Benchmark began coverage on shares of VEON in a research note on Tuesday, November 12th. They issued a “buy” rating and a $48.00 target price for the company.

VEON Trading Up 5.3 %

The company has a current ratio of 0.77, a quick ratio of 0.76 and a debt-to-equity ratio of 2.66. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 6.65 and a beta of 1.55. The business has a 50 day simple moving average of $34.30 and a 200-day simple moving average of $30.14.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in VEON by 41.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,648 shares of the Wireless communications provider’s stock worth $81,000 after purchasing an additional 776 shares during the last quarter. Samson Rock Capital LLP bought a new position in VEON in the third quarter worth about $913,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of VEON during the third quarter valued at approximately $2,069,000. Citigroup Inc. grew its holdings in shares of VEON by 13.4% during the third quarter. Citigroup Inc. now owns 248,758 shares of the Wireless communications provider’s stock valued at $7,567,000 after purchasing an additional 29,350 shares during the last quarter. Finally, Helikon Investments Ltd lifted 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 purchasing an additional 49,680 shares during the last quarter. 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.