VEON Ltd (NASDAQ:VEON) Sees Significant Increase in Short Interest

VEON Ltd (NASDAQ:VEON) was the target of a significant growth in short interest in December. As of December 29th, there was short interest totalling 5,693,722 shares, a growth of 29.9% from the December 15th total of 4,384,690 shares. Based on an average daily trading volume, of 2,314,017 shares, the days-to-cover ratio is presently 2.5 days.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Investec Asset Management North America Inc. bought a new position in VEON in the 3rd quarter valued at $6,799,000. Investec Asset Management LTD acquired a new position in shares of VEON in the 3rd quarter valued at $25,977,000. DnB Asset Management AS acquired a new position in shares of VEON in the 4th quarter valued at $7,493,000. Schwab Charles Investment Management Inc. lifted its stake in shares of VEON by 6.4% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 834,435 shares of the Wireless communications provider’s stock valued at $3,205,000 after purchasing an additional 50,504 shares during the period. Finally, Commerzbank Aktiengesellschaft FI raised its stake in VEON by 34.3% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 138,497 shares of the Wireless communications provider’s stock worth $532,000 after buying an additional 35,341 shares during the period. Institutional investors and hedge funds own 15.14% of the company’s stock.

A number of research analysts have recently weighed in on VEON shares. Zacks Investment Research downgraded VEON from a “hold” rating to a “sell” rating in a report on Thursday, November 2nd. BidaskClub downgraded VEON from a “sell” rating to a “strong sell” rating in a research note on Thursday, October 26th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $5.31.

VEON (NASDAQ VEON) traded down $0.13 during trading on Friday, reaching $3.65. The company’s stock had a trading volume of 4,984,953 shares, compared to its average volume of 3,215,435. VEON has a 12-month low of $3.64 and a 12-month high of $4.50. The company has a quick ratio of 0.92, a current ratio of 0.94 and a debt-to-equity ratio of 2.29.

VEON (NASDAQ:VEON) last released its quarterly earnings data on Thursday, November 9th. The Wireless communications provider reported $0.07 earnings per share for the quarter. VEON had a negative return on equity of 6.53% and a net margin of 14.71%. The company had revenue of $2.46 billion for the quarter. analysts expect that VEON will post 0.04 earnings per share for the current fiscal year.

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About VEON

VEON Ltd., formerly VimpelCom Ltd., is a provider of communications services. The Company operates as personal internet platform. It integrates powerful data analytics and artificial intelligence, with a fresh take on messaging capabilities. It enables its users and communities to connect by voice, text, picture and video through a designed interface.

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