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

Veea Inc. (NASDAQ:VEEA) was the target of a large increase in short interest in the month of September. As of September 15th, there was short interest totaling 1,216,996 shares, an increase of 81.3% from the August 31st total of 671,095 shares. Approximately 99.7% of the company’s shares are short sold. Based on an average trading volume of 22,884,801 shares, the short-interest ratio is currently 0.1 days.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Veea

A hedge fund recently raised its position in Veea stock. Citadel Advisors LLC grew its holdings in shares of Veea Inc. (NASDAQ:VEEA) by 1,756.5% in the 2nd 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 buying an additional 870,615 shares during the quarter. Citadel Advisors LLC owned 29.59% of Veea worth $217,000 at the end of the most recent quarter. Institutional investors own 25.88% of the company’s stock.

Veea Trading Down 3.8%

Shares of Veea stock traded down $0.11 during trading hours on Tuesday, reaching $2.75. The stock had a trading volume of 40,615 shares, compared to its average volume of 1,514,231. The firm has a 50 day simple moving average of $2.88 and a two-hundred day simple moving average of $7.26. The firm has a market capitalization of $8.55 million, a price-to-earnings ratio of -0.53 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 1 year low of $1.34 and a 1 year high of $18.67.

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 firm had revenue of $0.18 million during the quarter.

Veea Company Profile

Veea, Inc (NASDAQ:VEEA) develops edge computing and communications technology designed to connect, manage and secure devices and applications closer to where data is generated. Its solutions are intended to support the Internet of Things, artificial intelligence, industrial automation and other distributed computing applications.

The company’s portfolio includes smart edge computing hubs, wireless networking equipment and software for device management, data processing and cybersecurity.