Veea Stock to Reverse Split on Monday, August 31st (NASDAQ:VEEA)

Veea Inc. (NASDAQ:VEEA)’s stock is set to reverse split before the market opens on Monday, August 31st. The 1-20 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Sunday, August 30th.

Veea Stock Down 18.4%

VEEA stock traded down $0.02 on Thursday, reaching $0.10. 5,762,710 shares of the company traded hands, compared to its average volume of 3,223,098. The firm has a fifty day simple moving average of $0.19 and a 200-day simple moving average of $0.42. Veea has a one year low of $0.10 and a one year high of $0.93. The company has a quick ratio of 0.66, a current ratio of 1.57 and a debt-to-equity ratio of 1.21.

Veea (NASDAQ:VEEA) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.08) earnings per share (EPS) for the quarter. The business had revenue of $0.18 million during the quarter.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Veea

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

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.