VEON (NASDAQ:VEON) Shares Gap Down to $23.07

VEON Ltd. (NASDAQ:VEON)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $23.07, but opened at $22.57. VEON shares last traded at $22.46, with a volume of 2,511 shares.

Analyst Ratings Changes

Separately, StockNews.com cut VEON from a “buy” rating to a “hold” rating in a report on Wednesday.

VEON Trading Up 0.6 %

The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.97 and a current ratio of 0.97. The company has a 50-day simple moving average of $24.08 and a two-hundred day simple moving average of $20.66.

Hedge Funds Weigh In On VEON

A number of institutional investors have recently added to or reduced their stakes in VEON. Exor Capital LLP lifted its stake in VEON by 8.5% in the fourth quarter. Exor Capital LLP now owns 131,068,288 shares of the Wireless communications provider’s stock valued at $237,757,000 after acquiring an additional 10,282,470 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in VEON by 1,979.1% in the 1st quarter. Allianz Asset Management GmbH now owns 5,498,638 shares of the Wireless communications provider’s stock valued at $3,754,000 after purchasing an additional 5,234,162 shares during the last quarter. Shah Capital Management bought a new position in VEON during the fourth quarter worth about $97,544,000. Gabelli Funds LLC increased its position in VEON by 7.7% during the first quarter. Gabelli Funds LLC now owns 3,678,223 shares of the Wireless communications provider’s stock worth $2,511,000 after buying an additional 264,523 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in VEON by 167.0% in the second quarter. JPMorgan Chase & Co. now owns 3,258,461 shares of the Wireless communications provider’s stock valued at $1,499,000 after buying an additional 2,037,914 shares during the period. 21.30% of the stock is currently owned by institutional investors and hedge funds.

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.