Veea (NASDAQ:VEEA) Issues Earnings Results

Veea (NASDAQ:VEEA) posted its quarterly earnings data on Wednesday. The company reported ($1.16) EPS for the quarter, FiscalAI reports. The business had revenue of $0.07 million during the quarter.

Veea Trading Down 5.6%

VEEA traded down $0.26 during trading on Thursday, hitting $4.35. The company’s stock had a trading volume of 34,659 shares, compared to its average volume of 2,473,376. The firm has a market capitalization of $13.55 million, a P/E ratio of -0.84 and a beta of 0.06. Veea has a twelve month low of $1.34 and a twelve month high of $16.44. The stock’s fifty day moving average price is $4.01 and its 200-day moving average price is $7.31. The company has a quick ratio of 0.66, a current ratio of 1.57 and a debt-to-equity ratio of 1.21.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Veea to a “hold” rating in a research note on Saturday, October 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Veea in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat, Veea has an average rating of “Sell”.

Institutional Trading of Veea

An institutional investor recently raised its stake in Veea stock. Citadel Advisors LLC lifted its stake in shares of Veea Inc. (NASDAQ:VEEA) by 1,756.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 920,181 shares of the company’s stock after acquiring an additional 870,615 shares during the period. Citadel Advisors LLC owned 29.59% of Veea worth $217,000 at the end of the most recent reporting period. Institutional investors own 25.88% of the company’s stock.

About Veea

Veea, Inc. develops edge computing and connectivity solutions designed to process data closer to where it is generated. Its platform combines computing, networking, storage, cybersecurity and artificial intelligence capabilities to support connected devices and applications in locations such as commercial buildings, industrial sites and other distributed environments. The company’s product portfolio includes VeeaHubs, compact edge devices that provide local computing and wireless connectivity, as well as the Veea Edge Platform, which supports the deployment and management of software applications across distributed networks.