VEON (NASDAQ:VEON) Sees Unusually-High Trading Volume – Still a Buy?

VEON Ltd. (NASDAQ:VEON) shares saw unusually-strong trading volume on Monday . Approximately 78,008 shares changed hands during mid-day trading, an increase of 37% from the previous session’s volume of 57,138 shares.The stock last traded at $43.84 and had previously closed at $44.99.

Analyst Upgrades and Downgrades

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

VEON Price Performance

The firm has a 50-day simple moving average of $44.29 and a two-hundred day simple moving average of $38.09. The company has a market capitalization of $3.27 billion, a price-to-earnings ratio of 7.71 and a beta of 1.47. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 2.34.

VEON (NASDAQ:VEON) last announced its quarterly earnings results on Thursday, March 20th. The Wireless communications provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.06. VEON had a positive return on equity of 36.48% and a negative net margin of 81.71%. The company had revenue of $998.00 million during the quarter, compared to analysts’ expectations of $1.01 billion.

Hedge Funds Weigh In On VEON

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers grew its position in VEON by 300.0% during the fourth quarter. Rhumbline Advisers now owns 720 shares of the Wireless communications provider’s stock valued at $29,000 after buying an additional 540 shares during the period. SBI Securities Co. Ltd. acquired a new stake in shares of VEON during the 4th quarter valued at about $58,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in 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 during the period. JPMorgan Chase & Co. boosted its position in VEON by 41.5% during the third 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 position in VEON during the fourth quarter worth approximately $101,000. 21.30% of the stock is 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.