Veea (NASDAQ:VEEA) Posts Earnings Results

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

Veea Stock Down 2.2%

VEEA stock opened at $0.67 on Thursday. Veea has a 12-month low of $0.38 and a 12-month high of $2.60. 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 company has a 50 day moving average of $0.55 and a two-hundred day moving average of $0.60.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Veea in a research note on Wednesday, January 21st. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has an average rating of “Sell”.

Institutional Investors Weigh In On Veea

An institutional investor recently raised its position in Veea stock. Geode Capital Management LLC boosted its stake in Veea Inc. (NASDAQ:VEEA) by 18.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 207,188 shares of the company’s stock after buying an additional 31,896 shares during the quarter. Geode Capital Management LLC owned approximately 0.41% of Veea worth $132,000 at the end of the most recent quarter. 25.88% of the stock is 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.