Veea (NASDAQ:VEEA) Shares Up 1.3% - Here's Why

Veea Inc. (NASDAQ:VEEA - Get Free Report)'s share price shot up 1.3% during mid-day trading on Wednesday . The company traded as high as $1.68 and last traded at $1.61. 10,328 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 167,571 shares. The stock had previously closed at $1.59.

Veea Trading Up 3.1 %

The firm has a 50-day moving average of $1.78 and a 200 day moving average of $2.83.

Institutional Investors Weigh In On Veea

A number of hedge funds have recently made changes to their positions in the company. Virtu Financial LLC bought a new position in Veea in the 3rd quarter worth about $100,000. Geode Capital Management LLC purchased a new position in shares of Veea in the 4th quarter valued at approximately $638,000. Finally, Northern Trust Corp purchased a new stake in shares of Veea during the fourth quarter valued at $120,000. 25.88% of the stock is currently owned by hedge funds and other institutional investors.

About Veea

Veea Inc provides computing, multiaccess multiprotocol communications, edge storage, and cybersecurity solutions. The company offers multiaccess edge computing (MEC) platform that redefines connectivity and computing at the edge by integrating functions of servers, network attached storage (NAS), routers, firewalls, Wi-Fi Access Points, IoT gateways, and 4G and 5G connections; and Veea Edge Platform enables direct connections from the optical fiber, cellular, and satellite networks.