VEON (NASDAQ:VEON) Sees Strong Trading Volume – Here’s Why

VEON Ltd. (NASDAQ:VEON) shares saw strong trading volume on Monday . 134,925 shares were traded during mid-day trading, an increase of 126% from the previous session’s volume of 59,833 shares.The stock last traded at $38.69 and had previously closed at $38.91.

Wall Street Analysts Forecast Growth

Separately, Benchmark raised their target price on shares of VEON from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, March 25th.

VEON Trading Up 3.8 %

The company has a debt-to-equity ratio of 2.34, a current ratio of 0.81 and a quick ratio of 0.80. The business has a 50-day simple moving average of $43.73 and a two-hundred day simple moving average of $38.47. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of 6.93 and a beta of 1.39.

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

Institutional Investors Weigh In On VEON

Several institutional investors and hedge funds have recently added to or reduced their stakes in VEON. Rhumbline Advisers boosted 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 buying an additional 540 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of VEON in the 4th quarter valued at approximately $58,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of 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 valued at $58,000 after purchasing an additional 720 shares during the last quarter. JPMorgan Chase & Co. increased its position 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 in the last quarter. Finally, R Squared Ltd acquired a new stake in VEON in the fourth quarter valued at approximately $101,000. 21.30% of the stock is currently owned by institutional investors.

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.