Veea Inc. (NASDAQ:VEEA) Shares Shorted: Short Interest Down 95.8% in September

Veea Inc. (NASDAQ:VEEA) was the target of a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 50,744 shares, a decline of 95.8% from the September 15th total of 1,216,996 shares. Currently, 4.2% of the shares of the stock are short sold. Based on an average daily trading volume, of 3,301,243 shares, the days-to-cover ratio is currently 0.0 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued 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. According to data from MarketBeat, Veea presently has a consensus rating of “Sell”.

Institutional Trading of Veea

A hedge fund recently raised its position in Veea stock. Citadel Advisors LLC increased its stake in shares of Veea Inc. (NASDAQ:VEEA) by 1,756.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 920,181 shares of the company’s stock after purchasing an additional 870,615 shares during the quarter. Citadel Advisors LLC owned approximately 29.59% of Veea worth $217,000 as of its most recent filing with the Securities and Exchange Commission. 25.88% of the stock is currently owned by institutional investors.

Veea Trading Up 47.3%

Shares of Veea stock traded up $1.83 during trading on Friday, hitting $5.70. 83,281,788 shares of the company were exchanged, compared to its average volume of 21,297,608. Veea has a fifty-two week low of $1.34 and a fifty-two week high of $18.67. The company has a current ratio of 1.57, a quick ratio of 0.66 and a debt-to-equity ratio of 1.21. The firm has a 50 day moving average price of $3.03 and a 200 day moving average price of $6.74.

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

Veea Company Profile

Veea, Inc develops edge computing and communications solutions designed to process data closer to where it is generated. Its technology combines computing, storage, connectivity, and cybersecurity capabilities in compact, networked devices intended to support Internet of Things (IoT) and artificial intelligence applications.

The company’s product offerings include the VeeaHub family of smart edge devices and related software, including its edge platform and operating system. These solutions are designed to provide wired and wireless connectivity, local data processing, device management, and secure communications for applications such as smart buildings, retail, industrial operations, education, transportation, and telecommunications.

Veea serves enterprise, commercial, industrial, and communications customers through technology deployments and partnerships.