Veea (NASDAQ:VEEA) Issues Earnings Results

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

Veea Stock Performance

Veea stock traded up $0.00 during mid-day trading on Friday, reaching $0.13. 72,494 shares of the company were exchanged, compared to its average volume of 1,372,941. Veea has a twelve month low of $0.11 and a twelve month high of $0.93. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.50 and a current ratio of 1.14. The firm’s 50-day simple moving average is $0.24 and its two-hundred day simple moving average is $0.45. The firm has a market cap of $6.50 million, a PE ratio of -0.50 and a beta of 0.35.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

A hedge fund recently raised its position in Veea stock. Jane Street Group LLC grew its position in Veea Inc. (NASDAQ:VEEA) by 359.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,186 shares of the company’s stock after buying an additional 40,051 shares during the quarter. Jane Street Group LLC owned approximately 0.10% of Veea worth $33,000 at the end of the most recent quarter. 25.88% of the stock is owned by hedge funds and other institutional investors.

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.