VEON Ltd (NASDAQ:VEON) Stock Continues to Trade in a Narrow Range
Well known connectivity and internet services provider VEON Ltd (NASDAQ:VEON), which operates at a global level, may have been in the news yesterday but its stock did not move much. In fact, the VEON stock continued to trade in a range on Tuesday.
Market Stats
On Tuesday, VEON stock moved down 2% at $2 with more than 3.40 million shares, compared to its average volume of 9.62 million shares. The stock has moved within a range of $1.9800 – 2.0450 after opening the trade at $2.02.
Latest News
Yesterday, it emerged that the company had inked a Memorandum of Understanding by way of which it is going to be an official partner of the major Uzbek education technology company Astrum IT Academy. The signing of the MoU is relate to the launch of a Tashkent based education institute and could prove to be a significant long term boost to the company.
However, the news did not elicit a lot of optimism from investors and that was reflected in the price action in the VEON stock. It should also be noted that this academy is going to be built as part of a programme launched by the Government of Uzbekistan.
scope of the Academy is considerable since it is going to take in as many as 2000 Information Technology students every year. Although the stock was trading in a range yesterday, things can change quickly and in light of this development, investors could consider adding VEON to their watch lists.
Key Quote
“Education, and specifically digital education, is a core route to the reinvention of economies for the twenty first century,” explains George Held, VEON’s Chief of Staff. “Uzbekistan is highly ambitious and well organised in its pursuits of a digitally educated workforce that can transition the country towards a new economic future. VEON’s partnership with Astrum is mutually beneficial; we can share our expertise, knowledge and data with these talented students, and they provide us with a source of highly educated computer scientists and data experts to support our business in Uzbekistan and other countries.”
Traders Corner
KOS stock is trading above the 50-Day and 200-Day Moving averages of $3.63 and $3.11 respectively. Moreover, the stock is trading above the 20-Day moving average of $2.93. The stock is up 75% % in the past 3-month.
