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

Shares of Veea Inc. (NASDAQ:VEEA) are 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 closing bell on Sunday, August 30th.

Veea Price Performance

NASDAQ VEEA traded down $0.02 during mid-day trading on Thursday, reaching $0.10. 5,762,710 shares of the stock were exchanged, compared to its average volume of 3,223,098. 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 has a 1-year low of $0.10 and a 1-year high of $0.93. The business’s fifty day simple moving average is $0.19 and its 200 day simple moving average is $0.42.

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

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Veea in a research report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the stock presently has an average rating of “Sell”.

Hedge Funds Weigh In On Veea

An institutional investor recently raised its position in Veea stock. Geode Capital Management LLC boosted its holdings in shares of Veea Inc. (NASDAQ:VEEA) by 18.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 207,188 shares of the company’s stock after buying an additional 31,896 shares during the period. Geode Capital Management LLC owned approximately 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 institutional investors and hedge funds.

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.