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

Veea Inc. (NASDAQ:VEEA) was the target of a significant increase in short interest in July. As of July 31st, there was short interest totaling 314,506 shares, an increase of 225.7% from the July 15th total of 96,560 shares. Based on an average daily volume of 726,227 shares, the short-interest ratio is currently 0.4 days. Approximately 1.6% of the shares of the stock are sold short.

Hedge Funds Weigh In On Veea

An institutional investor recently raised its position in Veea stock. Geode Capital Management LLC raised its position in shares of Veea Inc. (NASDAQ:VEEA) by 18.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 207,188 shares of the company’s stock after buying 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. Hedge funds and other institutional investors own 25.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Veea in a research note on Friday, July 17th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of “Sell”.

Veea Stock Up 1.6%

Veea stock traded up $0.00 during mid-day trading on Thursday, reaching $0.13. The stock had a trading volume of 548,948 shares, compared to its average volume of 1,379,904. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.50 and a current ratio of 1.14. The stock’s 50-day simple moving average is $0.25 and its 200-day simple moving average is $0.45. The firm has a market capitalization of $6.45 million, a PE ratio of -0.34 and a beta of 0.35. Veea has a fifty-two week low of $0.11 and a fifty-two week high of $1.04.

Veea (NASDAQ:VEEA) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.08) earnings per share for the quarter. The business had revenue of $0.18 million during the quarter.

Veea Company Profile

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.