Veea Inc. (NASDAQ:VEEA) Stock Short Interest Climbs 451.9%

Veea Inc. (NASDAQ:VEEA) was the recipient of a large growth in short interest in October. As of October 15th, there was short interest totaling 280,047 shares, a growth of 451.9% from the September 30th total of 50,744 shares. Currently, 22.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 22,250,178 shares, the short-interest ratio is presently 0.0 days.

Veea Price Performance

Shares of NASDAQ VEEA traded down $0.07 during trading on Tuesday, reaching $6.00. The company had a trading volume of 169,363 shares, compared to its average volume of 2,605,593. The business’s 50 day moving average price is $3.42 and its 200-day moving average price is $7.69. Veea has a 52 week low of $1.34 and a 52 week high of $16.44. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.66 and a current ratio of 1.57. The stock has a market cap of $18.68 million, a PE ratio of -1.15 and a beta of 0.29.

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

Analysts Set New Price Targets

Several analysts have issued reports on VEEA shares. Weiss Ratings restated a “sell (e+)” rating on shares of Veea in a report on Thursday, October 15th. Wall Street Zen raised Veea to a “hold” rating in a research report on Saturday, October 17th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat, Veea currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Veea

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

Veea Company Profile

Veea, Inc develops edge computing and connectivity solutions designed to process data closer to where it is generated. Its platform combines computing, networking, storage, cybersecurity and artificial intelligence capabilities to support connected devices and applications in locations such as commercial buildings, industrial sites and other distributed environments.

The company’s product portfolio includes VeeaHubs, compact edge devices that provide local computing and wireless connectivity, as well as the Veea Edge Platform, which supports the deployment and management of software applications across distributed networks.