Veea Inc. (NASDAQ:VEEA) Stock Short Interest Drops 95.8%

Veea Inc. (NASDAQ:VEEA) was the recipient of a large decline in short interest in the month of September. As of September 30th, there was short interest totaling 50,744 shares, a decline of 95.8% from the September 15th total of 1,216,996 shares. Currently, 4.2% of the company’s shares are sold short. Based on an average daily volume of 3,301,243 shares, the short-interest ratio is currently 0.0 days.

Analyst Ratings Changes

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

Veea Stock Up 47.3%

Shares of NASDAQ:VEEA opened at $5.70 on Friday. 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. The business’s 50-day moving average is $3.03 and its 200-day moving average is $6.74. The company has a market capitalization of $17.73 million, a price-to-earnings ratio of -1.10 and a beta of 0.29.

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

Institutional Investors Weigh In On Veea

A hedge fund recently raised its position in Veea stock. Citadel Advisors LLC lifted its stake in shares of Veea Inc. (NASDAQ:VEEA) by 1,756.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 920,181 shares of the company’s stock after buying an additional 870,615 shares during the period. Citadel Advisors LLC owned about 29.59% of Veea worth $217,000 at the end of the most recent quarter. 25.88% of the stock is currently owned by institutional investors and hedge funds.

Veea Company Profile

Veea, Inc develops edge computing and communications solutions designed to process data closer to where it is generated. Its technology combines computing, storage, connectivity, and cybersecurity capabilities in compact, networked devices intended to support Internet of Things (IoT) and artificial intelligence applications.

The company’s product offerings include the VeeaHub family of smart edge devices and related software, including its edge platform and operating system. These solutions are designed to provide wired and wireless connectivity, local data processing, device management, and secure communications for applications such as smart buildings, retail, industrial operations, education, transportation, and telecommunications.

Veea serves enterprise, commercial, industrial, and communications customers through technology deployments and partnerships.