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

Shares of Veea Inc. (NASDAQ:VEEA) are set to reverse split on the morning of 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 Price Performance

VEEA traded down $0.02 on Thursday, hitting $0.10. 5,762,710 shares of the company were exchanged, compared to its average volume of 1,550,335. Veea has a fifty-two week low of $0.10 and a fifty-two week 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 firm has a market capitalization of $6.22 million, a P/E ratio of -0.38 and a beta of 0.35. The business’s fifty day moving average is $0.19 and its 200 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 (EPS) for the quarter. The business had revenue of $0.18 million for the quarter.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Veea

An institutional investor recently raised its stake in Veea stock. Jane Street Group LLC raised its holdings in Veea Inc. (NASDAQ:VEEA) by 359.7% in the 4th quarter, according to its most recent 13F 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 quarter. Jane Street Group LLC owned approximately 0.10% of Veea worth $33,000 at the end of the most recent quarter. 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.