VEON (NASDAQ:VEON) Reaches New 52-Week 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 $49.87 and last traded at $47.44, with a volume of 220200 shares traded. The stock had previously closed at $47.88.

Wall Street Analyst Weigh In

Separately, Benchmark boosted their price target on VEON from $56.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, March 25th.

VEON Trading Down 2.1 %

The firm has a market cap of $3.47 billion, a P/E ratio of 8.18 and a beta of 1.43. The business’s 50 day moving average is $43.31 and its 200-day moving average is $40.61. The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 2.34.

VEON (NASDAQ:VEON) last issued its earnings results on Thursday, March 20th. The Wireless communications provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.06. The business had revenue of $998.00 million for the quarter, compared to analyst estimates of $1.01 billion. VEON had a negative net margin of 81.71% and a positive return on equity of 36.48%.

Institutional Trading of VEON

Several institutional investors have recently added to or reduced their stakes in VEON. Rhumbline Advisers grew its position in shares of VEON by 300.0% during the 4th quarter. Rhumbline Advisers now owns 720 shares of the Wireless communications provider’s stock valued at $29,000 after buying an additional 540 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in VEON in the fourth quarter valued at approximately $58,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of VEON by 100.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,440 shares of the Wireless communications provider’s stock valued at $58,000 after purchasing an additional 720 shares during the last quarter. JPMorgan Chase & Co. raised 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 worth $81,000 after purchasing an additional 776 shares during the period. Finally, R Squared Ltd bought a new stake in shares of VEON in the 4th quarter worth approximately $101,000. 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.