Short Interest in Veea Inc. (NASDAQ:VEEA) Rises By 126.5%

Veea Inc. (NASDAQ:VEEA) was the recipient of a large growth in short interest in 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. Based on an average daily trading volume, of 236,235 shares, the short-interest ratio is currently 2.8 days. Currently, 55.0% of the shares of the stock are sold short.

Veea Price Performance

VEEA stock opened at $1.56 on Monday. The company has a market cap of $4.85 million, a price-to-earnings ratio of -0.30 and a beta of 0.29. The company has a current ratio of 1.57, a quick ratio of 0.66 and a debt-to-equity ratio of 1.21. Veea has a 12 month low of $1.34 and a 12 month high of $18.67. The firm has a 50-day moving average of $2.91 and a two-hundred day moving average of $7.76.

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

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Veea in a report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, Veea currently has a consensus rating of “Sell”.

Institutional Trading of Veea

Several large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in shares of 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 last quarter. Jane Street Group LLC increased its position in Veea by 359.7% during the fourth quarter. Jane Street Group LLC now owns 51,186 shares of the company’s stock worth $33,000 after purchasing an additional 40,051 shares during the last quarter. Finally, Citadel Advisors LLC raised its stake in Veea by 1,756.5% during the second quarter. Citadel Advisors LLC now owns 920,181 shares of the company’s stock worth $217,000 after purchasing an additional 870,615 shares during the period. 25.88% of the stock is currently 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.