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

Shares of VEON Ltd. (NASDAQ:VEON) gapped up before the market opened on Thursday . The stock had previously closed at $40.51, but opened at $41.60. VEON shares last traded at $41.01, with a volume of 9,453 shares changing hands.

Analysts Set New Price Targets

Separately, Benchmark lifted their target price on VEON from $48.00 to $56.00 and gave the company a “buy” rating in a report on Monday, March 3rd.

VEON Trading Up 5.7 %

The stock has a market cap of $3.11 billion, a P/E ratio of 5.62 and a beta of 1.47. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a 50-day moving average price of $44.32 and a 200-day moving average price of $36.44.

VEON (NASDAQ:VEON) last issued 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%.

Institutional Trading of VEON

A number of large investors have recently modified their holdings of VEON. Lingotto Investment Management LLP lifted its position in VEON by 2.9% in the 4th quarter. Lingotto Investment Management LLP now owns 5,740,438 shares of the Wireless communications provider’s stock worth $230,192,000 after buying an additional 159,714 shares during the last quarter. Helikon Investments Ltd increased its stake in shares of VEON by 5.0% during the fourth quarter. Helikon Investments Ltd now owns 2,927,104 shares of the Wireless communications provider’s stock valued at $117,377,000 after buying an additional 138,149 shares during the period. Diameter Capital Partners LP purchased a new position in shares of VEON during the fourth quarter valued at approximately $25,161,000. Citigroup Inc. increased its stake in shares of VEON by 13.4% during the third quarter. Citigroup Inc. now owns 248,758 shares of the Wireless communications provider’s stock valued at $7,567,000 after buying an additional 29,350 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of VEON by 2.2% during the fourth quarter. Russell Investments Group Ltd. now owns 117,808 shares of the Wireless communications provider’s stock valued at $4,724,000 after buying an additional 2,512 shares during the period. Institutional investors own 21.30% of the company’s stock.

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.