Veea Inc. (NASDAQ:VEEA) Sees Significant Increase in Short Interest

Veea Inc. (NASDAQ:VEEA) was the recipient of a large increase in short interest in the month of January. As of January 30th, there was short interest totaling 198,439 shares, an increase of 38.9% from the January 15th total of 142,820 shares. Approximately 1.0% of the company’s shares are sold short. Based on an average daily volume of 172,004 shares, the days-to-cover ratio is currently 1.2 days. Based on an average daily volume of 172,004 shares, the days-to-cover ratio is currently 1.2 days. Approximately 1.0% of the company’s shares are sold short.

Institutional Trading of Veea

An institutional investor recently raised its position in Veea stock. Geode Capital Management LLC lifted its stake in Veea Inc. (NASDAQ:VEEA) by 18.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 207,188 shares of the company’s stock after purchasing an additional 31,896 shares during the period. Geode Capital Management LLC owned about 0.41% of Veea worth $132,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 25.88% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Veea in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has an average rating of “Sell”.

Veea Price Performance

Shares of NASDAQ VEEA opened at $0.46 on Friday. Veea has a 1 year low of $0.39 and a 1 year high of $3.00. The firm has a 50-day simple moving average of $0.59 and a two-hundred day simple moving average of $0.66. The company has a market cap of $23.13 million, a P/E ratio of 46.11 and a beta of 0.21.

Veea (NASDAQ:VEEA) last issued its quarterly earnings results on Friday, November 14th. The company reported $0.03 earnings per share for the quarter. The business had revenue of $0.14 million during the quarter.

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.