Veea Inc. (NASDAQ:VEEA) Short Interest Update

Veea Inc. (NASDAQ:VEEA) saw a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 671,095 shares, a growth of 126.5% from the August 15th total of 296,240 shares. Currently, 55.0% of the company’s shares are short sold. Based on an average trading volume of 236,235 shares, the short-interest ratio is presently 2.8 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Citadel Advisors LLC grew its stake in shares of Veea by 1,756.5% in the second quarter. Citadel Advisors LLC now owns 920,181 shares of the company’s stock valued at $217,000 after buying an additional 870,615 shares in the last quarter. Jane Street Group LLC lifted its stake in Veea by 359.7% during the 4th quarter. Jane Street Group LLC now owns 51,186 shares of the company’s stock worth $33,000 after acquiring an additional 40,051 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Veea by 18.2% during the 4th quarter. Geode Capital Management LLC now owns 207,188 shares of the company’s stock valued at $132,000 after acquiring an additional 31,896 shares during the period. 25.88% of the stock is currently owned by hedge funds and other institutional investors.

Veea Price Performance

Shares of VEEA opened at $1.56 on Monday. The firm has a 50-day simple moving average of $2.91 and a two-hundred day simple moving average of $7.76. The stock has a market cap of $4.85 million, a PE ratio of -0.30 and a beta of 0.29. Veea has a 1-year low of $1.34 and a 1-year high of $18.67. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.57 and a quick ratio of 0.66.

Veea (NASDAQ:VEEA) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($1.60) EPS for the quarter. The firm had revenue of $0.18 million for the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued 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 data from MarketBeat, the stock currently has a consensus rating of “Sell”.

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.