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

Shares of Veea Inc. (NASDAQ:VEEA) are going 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 Stock Performance

Veea stock traded down $0.02 during midday trading on Thursday, hitting $0.10. The stock had a trading volume of 5,762,710 shares, compared to its average volume of 3,223,098. The company has a current ratio of 1.57, a quick ratio of 0.66 and a debt-to-equity ratio of 1.21. Veea has a 52-week low of $0.10 and a 52-week high of $0.93. The company has a market capitalization of $6.22 million, a PE ratio of -0.38 and a beta of 0.35. The firm’s fifty day moving average is $0.19 and its two-hundred day moving average is $0.42.

Veea (NASDAQ:VEEA) last issued its earnings results on Wednesday, August 12th. The company reported ($0.08) earnings per share for the quarter. The company had revenue of $0.18 million for the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Veea in a report on Friday, July 17th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has an average rating of “Sell”.

Hedge Funds Weigh In On Veea

A hedge fund recently raised its position in Veea stock. Jane Street Group LLC raised its stake in Veea Inc. (NASDAQ:VEEA) by 359.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,186 shares of the company’s stock after buying an additional 40,051 shares during the period. Jane Street Group LLC owned about 0.10% of Veea worth $33,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 25.88% of the stock is 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.