Veea (NASDAQ:VEEA) Stock Price Up 4.7% – Still a Buy?

Shares of Veea Inc. (NASDAQ:VEEA) rose 4.7% during trading on Thursday . The company traded as high as $0.52 and last traded at $0.4966. Approximately 82,297 shares changed hands during mid-day 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 reissued a “sell (e+)” rating on shares of Veea in a research note on Monday, April 20th. One research analyst has rated the stock with a Sell rating, According to MarketBeat, Veea has an average rating of “Sell”.

Veea Trading Up 4.7%

The stock has a market capitalization of $24.91 million, a P/E ratio of -3.10 and a beta of 0.16. The stock’s fifty day moving average price is $0.58 and its two-hundred day moving average price is $0.57.

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

Institutional Investors Weigh In On Veea

A hedge fund recently raised its stake in Veea stock. Jane Street Group LLC lifted its holdings in Veea Inc. (NASDAQ:VEEA) by 359.7% in the fourth quarter, according to the company in its most recent filing with the 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 0.10% of Veea worth $33,000 at the end of the most recent quarter. 25.88% of the stock is currently owned by institutional investors and hedge funds.

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.