VEON (NASDAQ:VEON) Trading 9% Higher – What’s Next?

VEON Ltd. (NASDAQ:VEON) rose 9% on Tuesday . The company traded as high as $40.62 and last traded at $41.41. Approximately 11,518 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 60,188 shares. The stock had previously closed at $38.00.

Analyst Upgrades and Downgrades

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

VEON Price Performance

The company has a quick ratio of 0.80, a current ratio of 0.81 and a debt-to-equity ratio of 2.34. The firm’s fifty day moving average price is $43.55 and its 200 day moving average price is $38.55. The stock has a market cap of $2.95 billion, a PE ratio of 6.96 and a beta of 1.39.

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

Hedge Funds Weigh In On VEON

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its holdings in shares of VEON by 300.0% during the 4th quarter. Rhumbline Advisers now owns 720 shares of the Wireless communications provider’s stock worth $29,000 after acquiring an additional 540 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in VEON in the fourth quarter worth $58,000. Mirae Asset Global Investments Co. Ltd. raised its stake in 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 in the last quarter. R Squared Ltd bought a new position in VEON during the fourth quarter valued at $101,000. Finally, JPMorgan Chase & Co. grew its stake in shares of 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 buying an additional 776 shares in the last quarter. 21.30% of the stock is 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.