Veea (NASDAQ:VEEA) Issues Quarterly Earnings Results

Veea (NASDAQ:VEEA) posted its earnings results on Friday. The company reported ($0.09) EPS for the quarter, FiscalAI reports. The company had revenue of $0.18 million for the quarter.

Veea Trading Down 6.0%

NASDAQ VEEA traded down $0.04 during mid-day trading on Friday, hitting $0.56. The company’s stock had a trading volume of 245,421 shares, compared to its average volume of 1,060,027. The company’s 50 day simple moving average is $0.58 and its 200 day simple moving average is $0.57. Veea has a twelve month low of $0.38 and a twelve month high of $2.60. The firm has a market capitalization of $28.23 million, a price-to-earnings ratio of -3.52 and a beta of 0.16.

Institutional Trading of Veea

A hedge fund recently raised its stake in Veea stock. Geode Capital Management LLC grew its position in shares of Veea Inc. (NASDAQ:VEEA) by 18.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 207,188 shares of the company’s stock after acquiring an additional 31,896 shares during the quarter. Geode Capital Management LLC owned 0.41% of Veea worth $132,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 25.88% of the company’s stock.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Veea in a report on Monday, April 20th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, Veea currently has an average 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.