VEON (NASDAQ:VEON) Stock Price Breaks Above 50-Day Moving Average – What’s Next?

VEON Ltd. (NASDAQ:VEON) passed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of $75.56 and traded as high as $77.28. VEON shares last traded at $76.42, with a volume of 169,991 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Cantor Fitzgerald assumed coverage on VEON in a research report on Friday, October 2nd. They issued an “overweight” rating and a $112.00 target price for the company. Northland Securities set a $85.00 target price on VEON and gave the stock an “outperform” rating in a report on Tuesday, September 29th. Weiss Ratings upgraded shares of VEON from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Zacks Research upgraded shares of VEON from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 4th. Finally, Wall Street Zen upgraded shares of VEON from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 7th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $90.33.

VEON Stock Performance

The business’s fifty day moving average price is $76.00 and its two-hundred day moving average price is $58.95. The company has a debt-to-equity ratio of 2.13, a quick ratio of 0.96 and a current ratio of 0.95. The stock has a market capitalization of $5.86 billion, a P/E ratio of 14.02 and a beta of 1.65.

VEON (NASDAQ:VEON) last announced its quarterly earnings results on Friday, November 6th. The Wireless communications provider reported $2.67 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.94. The firm had revenue of $1.31 billion during the quarter, compared to the consensus estimate of $1.31 billion. VEON had a net margin of 7.62% and a return on equity of 20.20%. As a group, sell-side analysts forecast that VEON Ltd. will post 7.51 earnings per share for the current year.

Institutional Investors Weigh In On VEON

Several hedge funds and other institutional investors have recently made changes to their positions in VEON. R Squared Ltd raised its position in VEON by 2.6% in the 3rd quarter. R Squared Ltd now owns 6,110 shares of the Wireless communications provider’s stock worth $452,000 after purchasing an additional 153 shares during the period. Handelsbanken Fonder AB grew its position in shares of VEON by 7.2% during the 2nd quarter. Handelsbanken Fonder AB now owns 7,400 shares of the Wireless communications provider’s stock worth $386,000 after buying an additional 500 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in VEON during the 3rd quarter worth about $53,000. QRG Capital Management Inc. boosted its stake in shares of VEON by 10.7% during the second quarter. QRG Capital Management Inc. now owns 19,436 shares of the Wireless communications provider’s stock valued at $1,015,000 after purchasing an additional 1,879 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in VEON by 2.8% during the 1st quarter. Bank of America Corp DE now owns 69,754 shares of the Wireless communications provider’s stock valued at $3,230,000 after acquiring an additional 1,923 shares in the last quarter. Hedge funds and other institutional investors own 21.30% of the company’s stock.

VEON Company Profile

VEON Ltd. is an international telecommunications and digital services company that provides mobile and fixed connectivity, along with consumer and business services. Its offerings include voice and data plans, broadband, digital payments, entertainment, and other services delivered through its networks and digital platforms. The company serves customers in Bangladesh, Kazakhstan, Kyrgyzstan, Pakistan, Ukraine, and Uzbekistan through local operating companies and brands, including Banglalink, Jazz, Kyivstar, and Beeline.