VEON (NASDAQ:VEON) Trading 7.2% Higher – Here’s Why

VEON Ltd. (NASDAQ:VEON) shares shot up 7.2% on Thursday . The company traded as high as $43.07 and last traded at $43.00. 33,292 shares changed hands during trading, a decline of 10% from the average session volume of 36,856 shares. The stock had previously closed at $40.10.

Analysts Set New Price Targets

Separately, Benchmark started coverage on shares of VEON in a research report on Tuesday, November 12th. They issued a “buy” rating and a $48.00 price objective for the company.

VEON Stock Performance

The firm has a market cap of $3.29 billion, a PE ratio of 7.00 and a beta of 1.51. The company has a 50-day simple moving average of $34.79 and a two-hundred day simple moving average of $30.35. The company has a quick ratio of 0.76, a current ratio of 0.77 and a debt-to-equity ratio of 2.66.

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

Institutional Investors Weigh In On VEON

Several large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its stake in VEON by 41.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,648 shares of the Wireless communications provider’s stock valued at $81,000 after buying an additional 776 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of VEON in the fourth quarter worth $119,000. Citigroup Inc. raised its holdings in shares of VEON by 13.4% in 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 in the last quarter. Samson Rock Capital LLP purchased a new stake in VEON in the third quarter valued at approximately $913,000. Finally, Helikon Investments Ltd grew its position in 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 acquiring an additional 49,680 shares in the last quarter. Hedge funds and other institutional investors own 21.30% of the company’s stock.

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.