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

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

Wall Street Analyst Weigh In

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

Institutional Trading of Veea

An institutional investor recently raised its position in Veea stock. Citadel Advisors LLC lifted 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 and Exchange Commission (SEC). The institutional investor owned 920,181 shares of the company’s stock after buying an additional 870,615 shares during the quarter. 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 Stock Performance

NASDAQ VEEA traded down $0.11 on Tuesday, hitting $2.75. 40,615 shares of the company’s stock were exchanged, compared to its average volume of 1,514,231. The firm’s 50-day moving average price is $2.88 and its two-hundred day moving average price is $7.26. Veea has a fifty-two week low of $1.34 and a fifty-two week high of $18.67. The firm has a market cap of $8.55 million, a price-to-earnings ratio of -0.53 and a beta of 0.29. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.57 and a quick ratio of 0.66.

Veea (NASDAQ:VEEA) last released its quarterly earnings data 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.

About Veea

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.