VEON (NASDAQ:VEON) Stock Crosses Above Two Hundred Day Moving Average – Here’s Why

VEON Ltd. (NASDAQ:VEON) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $52.77 and traded as high as $54.25. VEON shares last traded at $52.45, with a volume of 75,782 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on VEON shares. Weiss Ratings reiterated a “hold (c)” rating on shares of VEON in a research note on Monday, December 29th. Zacks Research raised VEON from a “strong sell” rating to a “hold” rating in a report on Thursday, January 8th. Finally, Wall Street Zen upgraded shares of VEON from a “hold” rating to a “buy” rating in a report on Saturday, January 10th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.00.

VEON Price Performance

The company has a debt-to-equity ratio of 2.45, a current ratio of 0.95 and a quick ratio of 0.94. The stock has a fifty day simple moving average of $53.06 and a 200-day simple moving average of $52.79. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 5.97 and a beta of 1.61.

VEON declared that its board has authorized a share repurchase plan on Monday, November 17th that permits the company to repurchase 0 shares. This repurchase authorization permits the Wireless communications provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On VEON

Several institutional investors and hedge funds have recently modified their holdings of VEON. Osaic Holdings Inc. grew its holdings in VEON by 36.8% in the second quarter. Osaic Holdings Inc. now owns 1,443 shares of the Wireless communications provider’s stock valued at $66,000 after purchasing an additional 388 shares during the period. Royal Bank of Canada lifted its position in shares of VEON by 184.3% during the 4th quarter. Royal Bank of Canada now owns 2,431 shares of the Wireless communications provider’s stock valued at $128,000 after buying an additional 1,576 shares in the last quarter. Samson Rock Capital LLP acquired a new stake in VEON in the 2nd quarter valued at $138,000. Truist Financial Corp purchased a new stake in VEON in the 3rd quarter worth $208,000. Finally, Personal CFO Solutions LLC acquired a new position in VEON during the third quarter worth $208,000. Hedge funds and other institutional investors own 21.30% of the company’s stock.

VEON Company Profile

VEON Ltd (NASDAQ: VEON) is a global telecommunications and digital services provider headquartered in Amsterdam, the Netherlands. Originally founded as VimpelCom in Russia in 1992, the company rebranded to VEON in 2017 to reflect its transformation into a technology-driven operator. VEON operates as a holding company with direct investments in mobile and internet service providers across multiple emerging markets, delivering voice, data and digital services to individual and enterprise customers.

Through its operating subsidiaries, VEON offers a broad portfolio that includes 2G/3G/4G mobile access, fixed broadband, digital lifestyle applications and mobile financial services.