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

Shares of VEON Ltd. (NASDAQ:VEON) saw unusually-strong trading volume on Tuesday . Approximately 154,394 shares traded hands during mid-day trading, an increase of 82% from the previous session’s volume of 84,977 shares.The stock last traded at $54.40 and had previously closed at $52.65.

Analysts Set New Price Targets

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

VEON Stock Down 2.6%

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 company has a market capitalization of $3.91 billion, a P/E ratio of 8.35 and a beta of 1.43. The company has a 50 day moving average of $45.91 and a 200-day moving average of $42.49.

VEON (NASDAQ:VEON) last posted its quarterly earnings data on Thursday, May 15th. The Wireless communications provider reported $1.36 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.53. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $996.00 million. VEON had a positive return on equity of 36.48% and a negative net margin of 81.71%.

Institutional Investors Weigh In On VEON

Hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its stake in shares of VEON by 300.0% in the 4th quarter. Rhumbline Advisers now owns 720 shares of the Wireless communications provider’s stock worth $29,000 after purchasing an additional 540 shares in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of VEON in the 4th quarter worth $58,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of 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 worth $58,000 after purchasing an additional 720 shares in the last quarter. JPMorgan Chase & Co. increased 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 purchasing an additional 776 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of VEON in the 4th quarter worth $101,000. 21.30% of the stock is currently owned by hedge funds and other institutional investors.

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.