VEON (NASDAQ:VEON) Shares Up 5.1% – Here’s Why

VEON Ltd. (NASDAQ:VEON) shares were up 5.1% during mid-day trading on Tuesday . The company traded as high as $44.50 and last traded at $45.07. Approximately 27,305 shares changed hands during trading, a decline of 81% from the average daily volume of 145,969 shares. The stock had previously closed at $42.88.

Wall Street Analysts Forecast Growth

Separately, Benchmark initiated 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 4.9 %

The business has a 50 day simple moving average of $38.70 and a 200-day simple moving average of $32.45. 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 announced its quarterly earnings results on Friday, December 13th. The Wireless communications provider reported $3.00 earnings per share (EPS) for the quarter. VEON had a positive return on equity of 36.48% and a negative net margin of 81.71%.

Hedge Funds Weigh In On VEON

Several hedge funds have recently modified their holdings of VEON. Mirae Asset Global Investments Co. Ltd. lifted its holdings in VEON by 100.0% in 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 acquiring an additional 720 shares during the last quarter. R Squared Ltd acquired a new stake in VEON during the fourth quarter valued at approximately $101,000. JPMorgan Chase & Co. boosted its holdings in VEON by 41.5% during the third 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. GAMMA Investing LLC acquired a new position in VEON in the fourth quarter worth approximately $119,000. Finally, Samson Rock Capital LLP bought a new position in shares of VEON in the third quarter valued at $913,000. 21.30% of the stock is currently owned by institutional investors and hedge funds.

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.