Veea Inc. (NASDAQ:VEEA) Short Interest Down 90.6% in July

Veea Inc. (NASDAQ:VEEA) saw a large decline in short interest in the month of July. As of July 15th, there was short interest totaling 96,560 shares, a decline of 90.6% from the June 30th total of 1,030,520 shares. Based on an average daily volume of 1,155,601 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.5% of the shares of the company are short sold.

Analyst Ratings Changes

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

Veea Price Performance

Shares of NASDAQ VEEA traded down $0.00 during midday trading on Friday, hitting $0.16. 233,577 shares of the company’s stock were exchanged, compared to its average volume of 3,525,249. The company has a current ratio of 1.14, a quick ratio of 0.50 and a debt-to-equity ratio of 0.92. The business’s fifty day moving average price is $0.36 and its two-hundred day moving average price is $0.49. The company has a market cap of $8.00 million, a price-to-earnings ratio of -0.43 and a beta of 0.32. Veea has a 12-month low of $0.15 and a 12-month high of $1.86.

Veea (NASDAQ:VEEA) last posted its quarterly earnings data on Friday, May 15th. The company reported ($0.09) earnings per share for the quarter. The firm had revenue of $0.18 million for the quarter.

Institutional Trading of Veea

A hedge fund recently raised its position in Veea stock. Jane Street Group LLC raised its holdings in shares of Veea Inc. (NASDAQ:VEEA) by 359.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,186 shares of the company’s stock after acquiring an additional 40,051 shares during the period. Jane Street Group LLC owned about 0.10% of Veea worth $33,000 at the end of the most recent reporting period. 25.88% of the stock is owned by hedge funds and other institutional investors.

Veea Company Profile

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.