Veea (NASDAQ:VEEA) Releases Quarterly Earnings Results

Veea (NASDAQ:VEEA) released its quarterly earnings results on Wednesday. The company reported ($0.08) EPS for the quarter, FiscalAI reports. The firm had revenue of $0.18 million during the quarter.

Veea Price Performance

Shares of VEEA stock traded up $0.00 during midday trading on Thursday, reaching $0.13. 518,182 shares of the company traded hands, compared to its average volume of 1,379,761. The firm’s 50 day simple moving average is $0.25 and its two-hundred day simple moving average is $0.45. Veea has a 1-year low of $0.11 and a 1-year high of $1.04. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.14 and a quick ratio of 0.50. The firm has a market cap of $6.50 million, a PE ratio of -0.35 and a beta of 0.35.

Hedge Funds Weigh In On Veea

A hedge fund recently raised its position in Veea stock. Jane Street Group LLC increased its position in shares of Veea Inc. (NASDAQ:VEEA) by 359.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,186 shares of the company’s stock after purchasing an additional 40,051 shares during the quarter. Jane Street Group LLC owned 0.10% of Veea worth $33,000 as of its most recent filing with the SEC. Institutional investors own 25.88% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Veea in a research note on Friday, July 17th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, Veea presently has a consensus rating of “Sell”.

About Veea

Veea (NASDAQ: VEEA) is a provider of edge computing and networking solutions designed to bring cloud-native services closer to end users and devices. The company’s integrated platform combines carrier-grade hardware, multi-access connectivity and software orchestration tools to support real-time Internet of Things (IoT) and artificial intelligence (AI) applications at the network edge.

The core offering, Veea Edge, consists of modular, ruggedized nodes that support private 5G, Citizens Broadband Radio Service (CBRS), LTE and Wi-Fi connectivity.