VEON (NASDAQ:VEON) Sees Unusually-High Trading Volume Following Analyst Upgrade

Shares of VEON Ltd. (NASDAQ:VEON) saw unusually-strong trading volume on Tuesday after Benchmark raised their price target on the stock from $48.00 to $56.00. Benchmark currently has a buy rating on the stock. Approximately 43,891 shares changed hands during trading, a decline of 13% from the previous session’s volume of 50,224 shares.The stock last traded at $43.73 and had previously closed at $44.96.

Institutional Investors Weigh In On VEON

Hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its stake in VEON by 300.0% in the fourth quarter. Rhumbline Advisers now owns 720 shares of the Wireless communications provider’s stock valued at $29,000 after purchasing an additional 540 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of VEON in the 4th quarter worth about $58,000. Mirae Asset Global Investments Co. Ltd. grew its position in VEON by 100.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,440 shares of the Wireless communications provider’s stock worth $58,000 after acquiring an additional 720 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in VEON by 41.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,648 shares of the Wireless communications provider’s stock worth $81,000 after acquiring an additional 776 shares during the last quarter. Finally, R Squared Ltd bought a new position in VEON during the 4th quarter valued at approximately $101,000. Institutional investors and hedge funds own 21.30% of the company’s stock.

VEON Trading Down 3.0 %

The stock’s 50-day simple moving average is $43.91 and its 200-day simple moving average is $35.63. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.80 and a current ratio of 0.81. The firm has a market capitalization of $3.23 billion, a PE ratio of 5.83 and a beta of 1.52.

VEON (NASDAQ:VEON) last issued its quarterly earnings data on Friday, December 13th. The Wireless communications provider reported $3.00 earnings per share (EPS) for the quarter. VEON had a negative net margin of 81.71% and a positive return on equity of 36.48%.

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.