Veea Inc. (NASDAQ:VEEA) Short Interest Down 40.0% in March

Veea Inc. (NASDAQ:VEEA) was the recipient of a significant decline in short interest in March. As of March 13th, there was short interest totaling 458,712 shares, a decline of 40.0% from the February 26th total of 763,956 shares. Based on an average daily trading volume, of 935,159 shares, the short-interest ratio is presently 0.5 days. Approximately 2.3% of the shares of the company are short sold.

Institutional Trading of Veea

A hedge fund recently raised its stake in Veea stock. Jane Street Group LLC boosted its stake in shares of Veea Inc. (NASDAQ:VEEA) by 359.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 as of its most recent SEC filing. 25.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Veea in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell”.

Veea Trading Up 1.7%

VEEA stock opened at $0.54 on Friday. Veea has a 1-year low of $0.38 and a 1-year high of $2.60. The business’s 50 day moving average is $0.54 and its 200-day moving average is $0.60. The firm has a market cap of $27.29 million, a P/E ratio of 54.41 and a beta of 0.23.

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.