Veea (NASDAQ:VEEA) Trading Up 4.7% – Here’s Why

Veea Inc. (NASDAQ:VEEA) shares were up 4.7% during mid-day trading on Thursday . The company traded as high as $0.52 and last traded at $0.4966. Approximately 82,297 shares traded hands during trading, a decline of 60% from the average daily volume of 204,486 shares. The stock had previously closed at $0.4745.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated 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.com, the stock currently has a consensus rating of “Sell”.

Veea Stock Performance

The firm has a market capitalization of $27.34 million, a P/E ratio of -3.41 and a beta of 0.16. The business has a 50 day simple moving average of $0.58 and a two-hundred day simple moving average of $0.57.

Veea (NASDAQ:VEEA) last announced its quarterly earnings data on Tuesday, April 14th. The company reported ($0.12) EPS for the quarter. The firm had revenue of ($0.01) million during the quarter.

Hedge Funds Weigh In On Veea

A hedge fund recently raised its stake in Veea stock. Jane Street Group LLC increased its stake in shares of Veea Inc. (NASDAQ:VEEA) by 359.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,186 shares of the company’s stock after acquiring an additional 40,051 shares during the quarter. Jane Street Group LLC owned approximately 0.10% of Veea worth $33,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 25.88% of the company’s stock.

About Veea

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.