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

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 market closes on Sunday, August 30th.

Veea Trading Down 18.4%

Veea stock traded down $0.02 during trading on Thursday, reaching $0.10. The company had a trading volume of 5,762,710 shares, compared to its average volume of 1,550,335. Veea has a 12-month low of $0.10 and a 12-month high of $0.93. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.66 and a current ratio of 1.57. The stock’s 50 day moving average price is $0.19 and its two-hundred day moving average price is $0.42. The firm has a market capitalization of $6.22 million, a price-to-earnings ratio of -0.38 and a beta of 0.35.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Veea in a research note on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Institutional Trading of Veea

A hedge fund recently raised its stake in Veea stock. Geode Capital Management LLC raised its stake in Veea Inc. (NASDAQ:VEEA) by 18.2% during the fourth quarter, according to its most recent disclosure with the SEC. The fund 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 as of its most recent SEC filing. Institutional investors and hedge funds 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.