Veea (NASDAQ:VEEA) Shares Up 0.5% – Here’s Why

Shares of Veea Inc. (NASDAQ:VEEA) shot up 0.5% during mid-day trading on Wednesday . The stock traded as high as $0.4268 and last traded at $0.4129. 137,072 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 368,358 shares. The stock had previously closed at $0.4110.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Veea in a report on Monday, April 20th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

Veea Trading Up 0.5%

The company has a fifty day simple moving average of $0.57 and a two-hundred day simple moving average of $0.56. The company has a current ratio of 1.14, a quick ratio of 0.50 and a debt-to-equity ratio of 0.92. The company has a market cap of $20.71 million, a PE ratio of -1.12 and a beta of 0.22.

Veea (NASDAQ:VEEA) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.09) earnings per share for the quarter. The business had revenue of $0.18 million during the quarter.

Institutional Investors Weigh In On Veea

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

Veea Company Profile

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.