Veea (NASDAQ:VEEA) Announces Quarterly Earnings Results

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

Veea Stock Down 6.0%

VEEA traded down $0.04 during trading on Friday, hitting $0.56. The company’s stock had a trading volume of 245,421 shares, compared to its average volume of 186,864. The firm’s 50 day moving average price is $0.58 and its two-hundred day moving average price is $0.57. Veea has a 12 month low of $0.38 and a 12 month high of $2.60. The stock has a market capitalization of $28.23 million, a price-to-earnings ratio of -3.52 and a beta of 0.16.

Hedge Funds Weigh In On Veea

An institutional investor recently raised its position in Veea stock. Geode Capital Management LLC raised its holdings in Veea Inc. (NASDAQ:VEEA) by 18.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 207,188 shares of the company’s stock after purchasing an additional 31,896 shares during the quarter. Geode Capital Management LLC owned approximately 0.41% of Veea worth $132,000 as of its most recent SEC filing. Hedge funds and other institutional investors 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 Monday, April 20th. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company has an average rating of “Sell”.

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.