VEON (NASDAQ:VEON) Shares Down 11.2% – Here’s What Happened

Shares of VEON Ltd. (NASDAQ:VEON) fell 11.2% during mid-day trading on Monday . The stock traded as low as $40.05 and last traded at $39.87. 169,062 shares changed hands during mid-day trading, an increase of 222% from the average session volume of 52,545 shares. The stock had previously closed at $44.91.

Analyst Upgrades and Downgrades

Separately, Benchmark increased their price objective on VEON from $48.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, March 3rd.

VEON Trading Up 2.7 %

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 market capitalization of $3.00 billion, a PE ratio of 5.42 and a beta of 1.47. The business’s 50-day moving average is $44.42 and its two-hundred day moving average is $36.28.

VEON (NASDAQ:VEON) last issued its earnings results on Friday, December 13th. The Wireless communications provider reported $3.00 earnings per share for the quarter. VEON had a negative net margin of 81.71% and a positive return on equity of 36.48%.

Hedge Funds Weigh In On VEON

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its stake in shares of VEON by 300.0% in 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 in the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of VEON during the 4th quarter worth $58,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of VEON by 100.0% during 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 in the last quarter. JPMorgan Chase & Co. grew its stake in shares of VEON by 41.5% during the 3rd 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 during the period. Finally, R Squared Ltd purchased a new position in shares of VEON in the 4th quarter valued at about $101,000. 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.