VEON (NASDAQ:VEON) Sees Large Volume Increase – Here’s Why

VEON Ltd. (NASDAQ:VEON) saw unusually-high trading volume on Wednesday . Approximately 65,480 shares were traded during mid-day trading, an increase of 99% from the previous session’s volume of 32,920 shares.The stock last traded at $35.56 and had previously closed at $35.98.

Analysts Set New Price Targets

Separately, Benchmark assumed coverage on VEON in a research report on Tuesday, November 12th. They set a “buy” rating and a $48.00 price objective on the stock.

VEON Price Performance

The firm has a market cap of $2.66 billion, a PE ratio of 5.67 and a beta of 1.55. The firm has a 50-day simple moving average of $32.51 and a 200 day simple moving average of $29.25. The company has a debt-to-equity ratio of 2.66, a current ratio of 0.77 and a quick ratio of 0.76.

VEON (NASDAQ:VEON) last released its earnings results on Friday, December 13th. The Wireless communications provider reported $3.00 EPS for the quarter. VEON had a positive return on equity of 28.73% and a negative net margin of 77.48%.

Institutional Investors Weigh In On VEON

A number of hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its position in shares of VEON by 13.4% during the 3rd quarter. Citigroup Inc. now owns 248,758 shares of the Wireless communications provider’s stock valued at $7,567,000 after acquiring an additional 29,350 shares during the period. Samson Rock Capital LLP purchased a new stake in VEON in the third quarter worth about $913,000. Helikon Investments Ltd raised its stake in shares of VEON by 1.8% in the third quarter. Helikon Investments Ltd now owns 2,788,955 shares of the Wireless communications provider’s stock worth $84,840,000 after buying an additional 49,680 shares during the period. Lingotto Investment Management LLP lifted its position in shares of VEON by 1.0% during the 2nd quarter. Lingotto Investment Management LLP now owns 5,387,582 shares of the Wireless communications provider’s stock valued at $139,754,000 after buying an additional 53,807 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in shares of VEON during the 3rd quarter valued at approximately $2,069,000. 21.30% of the stock is currently owned by hedge funds and other 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.