Veea (NASDAQ:VEEA) Releases Quarterly Earnings Results

Veea (NASDAQ:VEEA) released its earnings results on Tuesday. The company reported ($0.12) earnings per share (EPS) for the quarter, Zacks reports. The firm had revenue of ($0.01) million during the quarter.

Veea Trading Down 2.2%

VEEA stock traded down $0.02 during mid-day trading on Thursday, reaching $0.67. The company’s stock had a trading volume of 40,905 shares, compared to its average volume of 1,312,711. The company has a market cap of $33.81 million, a price-to-earnings ratio of 67.40 and a beta of 0.18. The business’s 50 day moving average price is $0.55 and its 200 day moving average price is $0.60. Veea has a 12 month low of $0.38 and a 12 month high of $2.60.

Institutional Investors Weigh In On Veea

An institutional investor recently raised its position in Veea stock. Geode Capital Management LLC grew its position in shares of Veea Inc. (NASDAQ:VEEA) by 18.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 207,188 shares of the company’s stock after acquiring an additional 31,896 shares during the quarter. Geode Capital Management LLC owned about 0.41% of Veea worth $132,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 25.88% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Veea in a research note on Wednesday, January 21st. One analyst has rated the stock with a Sell rating, Based on data from 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.