Veea (NASDAQ:VEEA) Announces Earnings Results

Veea (NASDAQ:VEEA) posted its quarterly earnings data on Wednesday. The company reported ($1.16) earnings per share (EPS) for the quarter, FiscalAI reports. The business had revenue of $0.07 million for the quarter.

Veea Price Performance

Shares of VEEA traded down $0.25 during midday trading on Thursday, hitting $4.36. The company’s stock had a trading volume of 34,897 shares, compared to its average volume of 2,473,446. Veea has a one year low of $1.34 and a one year high of $16.44. The company’s fifty day simple moving average is $4.01 and its two-hundred day simple moving average is $7.31. The company has a quick ratio of 0.66, a current ratio of 1.57 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $13.57 million, a price-to-earnings ratio of -0.84 and a beta of 0.06.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Veea stock. Citadel Advisors LLC grew its stake in Veea Inc. (NASDAQ:VEEA) by 1,756.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 920,181 shares of the company’s stock after purchasing an additional 870,615 shares during the period. Citadel Advisors LLC owned about 29.59% of Veea worth $217,000 as of its most recent filing with the Securities and Exchange Commission. 25.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on VEEA. Weiss Ratings reissued a “sell (e+)” rating on shares of Veea in a report on Thursday, October 15th. Wall Street Zen raised Veea to a “hold” rating in a research note on Saturday, October 17th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Veea Company Profile

Veea, Inc. develops edge computing and connectivity solutions designed to process data closer to where it is generated. Its platform combines computing, networking, storage, cybersecurity and artificial intelligence capabilities to support connected devices and applications in locations such as commercial buildings, industrial sites and other distributed environments. The company’s product portfolio includes VeeaHubs, compact edge devices that provide local computing and wireless connectivity, as well as the Veea Edge Platform, which supports the deployment and management of software applications across distributed networks.