Veea Inc. (NASDAQ:VEEA) Sees Large Increase in Short Interest

Veea Inc. (NASDAQ:VEEA) was the recipient of a large increase in short interest during the month of January. As of January 30th, there was short interest totaling 198,439 shares, an increase of 38.9% from the January 15th total of 142,820 shares. Based on an average daily volume of 172,004 shares, the days-to-cover ratio is currently 1.2 days. Currently, 1.0% of the shares of the company are short sold. Currently, 1.0% of the shares of the company are short sold. Based on an average daily volume of 172,004 shares, the days-to-cover ratio is currently 1.2 days.

Veea Trading Down 4.0%

NASDAQ:VEEA opened at $0.46 on Monday. The company has a market capitalization of $23.13 million, a P/E ratio of 46.11 and a beta of 0.21. The firm has a 50-day moving average price of $0.59 and a two-hundred day moving average price of $0.66. Veea has a twelve month low of $0.39 and a twelve month high of $3.00.

Veea (NASDAQ:VEEA) last announced its earnings results on Friday, November 14th. The company reported $0.03 earnings per share for the quarter. The firm had revenue of $0.14 million during the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Veea in a research report on Wednesday, January 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company presently has a consensus rating of “Sell”.

Institutional Investors Weigh In On Veea

A hedge fund recently raised its stake in Veea stock. Geode Capital Management LLC grew its position in shares of Veea Inc. (NASDAQ:VEEA) by 18.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 207,188 shares of the company’s stock after acquiring an additional 31,896 shares during the quarter. Geode Capital Management LLC owned about 0.41% of Veea worth $132,000 at the end of the most recent quarter. 25.88% of the stock is owned by institutional investors and hedge funds.

About Veea

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.