VEON (NASDAQ:VEON) Sees Unusually-High Trading Volume – Here’s What Happened

VEON Ltd. (NASDAQ:VEON) saw strong trading volume on Wednesday . 69,727 shares changed hands during mid-day trading, a decline of 34% from the previous session’s volume of 106,242 shares.The stock last traded at $44.56 and had previously closed at $45.18.

Wall Street Analysts Forecast Growth

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

VEON Price Performance

The firm has a market cap of $3.33 billion, a PE ratio of 7.10 and a beta of 1.51. The stock’s fifty day moving average price is $35.91 and its 200-day moving average price is $30.87. The company has a debt-to-equity ratio of 2.66, a current ratio of 0.77 and a quick ratio of 0.76.

VEON (NASDAQ:VEON) last released its earnings results 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 Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in VEON in the third quarter valued at about $2,069,000. Samson Rock Capital LLP purchased a new stake in VEON during the third quarter worth about $913,000. Citigroup Inc. increased its stake in VEON by 13.4% during the third quarter. Citigroup Inc. now owns 248,758 shares of the Wireless communications provider’s stock worth $7,567,000 after purchasing an additional 29,350 shares during the period. Lingotto Investment Management LLP increased its stake in VEON by 1.0% during the second quarter. Lingotto Investment Management LLP now owns 5,387,582 shares of the Wireless communications provider’s stock worth $139,754,000 after purchasing an additional 53,807 shares during the period. Finally, Helikon Investments Ltd increased its stake in VEON by 1.8% during the third quarter. Helikon Investments Ltd now owns 2,788,955 shares of the Wireless communications provider’s stock worth $84,840,000 after purchasing an additional 49,680 shares during the period. Institutional investors and hedge funds 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.