VEON Ltd (NASDAQ:VEON)’s stock price fell 10.2% during trading on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $2.81 and last traded at $2.81, 4,747,806 shares were traded during trading. A decline of 10% from the average session volume of 5,282,094 shares. The stock had previously closed at $3.13.
The Wireless communications provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.05). The business had revenue of $2.26 billion for the quarter. VEON had a negative return on equity of 17.37% and a net margin of 10.00%.
Several research analysts recently commented on the stock. TheStreet raised shares of VEON from a “d+” rating to a “c-” rating in a research note on Thursday, July 11th. BidaskClub raised shares of VEON from a “hold” rating to a “buy” rating in a research note on Tuesday, July 9th. UBS Group raised shares of VEON from a “neutral” rating to a “buy” rating and set a $3.00 target price on the stock in a research note on Monday, June 17th. ValuEngine raised shares of VEON from a “hold” rating to a “buy” rating in a research note on Tuesday, May 28th. Finally, Zacks Investment Research downgraded shares of VEON from a “buy” rating to a “hold” rating in a research note on Saturday, July 13th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $3.19.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Squarepoint Ops LLC bought a new stake in VEON in the fourth quarter valued at $42,000. GABELLI & Co INVESTMENT ADVISERS INC. boosted its holdings in VEON by 27.3% in the second quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 28,000 shares of the Wireless communications provider’s stock valued at $78,000 after acquiring an additional 6,000 shares in the last quarter. Evergreen Capital Management LLC bought a new stake in VEON in the first quarter valued at $62,000. Citigroup Inc. boosted its holdings in VEON by 6,555.8% in the fourth quarter. Citigroup Inc. now owns 46,990 shares of the Wireless communications provider’s stock valued at $109,000 after acquiring an additional 46,284 shares in the last quarter. Finally, New York State Common Retirement Fund bought a new stake in VEON in the fourth quarter valued at $137,000. 15.95% of the stock is currently owned by institutional investors.
The company has a market cap of $5.50 billion, a price-to-earnings ratio of -12.61 and a beta of 1.82. The business’s fifty day simple moving average is $2.92.
VEON Company Profile (NASDAQ:VEON)
VEON Ltd., through its subsidiaries, provides mobile and fixed-line telecommunications services. It offers voice and data telecommunication services through a range of mobile and fixed-line technologies. The company provides value added services, including short messages, multimedia messages, caller number identification, call waiting, data transmission, mobile internet, downloadable content, mobile finance services, machine-to-machine, and other services; national and international roaming services; wireless Internet access and mobile financial services; and mobile bundles and call completion services.
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