The stock of VEON Ltd. (NASDAQ:VEON) is now priced at $1.36 and the shares are -0.06 points down or -4.23% lower compared to its previous closing price of $1.42. The stock had 15.829 million contracts set over the past session. VEON shares’ daily volume is compared to its average trading volume at 5.85 million shares. However, it has a float of 751 million and although its performance was -8.11% over the week, it’s one to watch. Analysts have given the VEON stock a yearly average price target of $2.31 per share. It means the stock’s upside potential is 69.85% with the VEON share price recently placing at $1.32 to $1.4. However, some brokerage firms have priced the stock below the average, including one that has called $1.7.
The shorts are running away from the VEON Ltd. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the VEON shares have declined. Short interest in the stock represents just 1.07% of its float, but the volume has dropped by -345691. The volume of shorted shares dropped to 8.007 million from 8.352 million shares over the last two weeks. The average intraday trading volume has been 2.907 million shares, which means that days to cover moved to roughly 2.753874.
In the last trading session, VEON Ltd. (NASDAQ:VEON) dropped by -$0.12 over the week and lost -$0.34 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $2.78. The stock recorded its established 52-week high on 02/13/20.
Since 03/19/20, the stock has traded to a low of $1.25 at 8.8%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.28. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, VEON Ltd.’s two-week RSI is 18.91. This suggests that the stock is overbought at the moment and that VEON shares’ price movement remains not stable. The stochastic readings are equally revealing at 18.99% meaning the VEON share price is currently in overbought territory.
The technical chart shows that the VEON stock will likely settle at between $1.4 and $1.44 per share. However, if the stock dips below $1.32, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $1.28.
Currently, the stock is trading in the red of MACD, with a reading of -0.0544. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at UBS cut their recommendation for VEON from Buy to Neutral in July 23 review. JP Morgan analysts upgraded their recommendation of the stock from Underweight to Neutral while keeping its target price at $2.2 in a flash note released to investors on March 11. JP Morgan seeing the stock struggling downgraded it from Overweight to Underweight on February 14.
The average rating for the VEON equity is 2.17 and is currently gathering a bullish momentum. Of 13 analysts tracking VEON Ltd. polled by Reuters, 9 rated VEON as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the VEON stock price is 5.06X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 7.2 below the group’s average of 23.9. VEON Ltd. has its P/E ratio at 2.9, which means that the stock is currently trading at a premium relative to the 1.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for VEON Ltd. (NASDAQ:VEON) will increase by about 18.16%, which will see them reach $2030 million. The company’s full-year revenues are, however, expected to diminish by about -8.24%, down from $8860 million to $8130 million. VEON’s expected adjusted earnings should surge almost 100% to end up at $0.04 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -46.15% to record $0.21/share.