Veea Inc. (NASDAQ:VEEA) Stock Short Interest Report for October

Veea Inc. (NASDAQ:VEEA) saw a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 280,047 shares, an increase of 451.9% from the September 30th total of 50,744 shares. Based on an average daily volume of 22,250,178 shares, the days-to-cover ratio is currently 0.0 days. Approximately 22.9% of the company’s stock are sold short.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Veea stock. Citadel Advisors LLC boosted 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 13F filing with the Securities and Exchange Commission (SEC). The fund owned 920,181 shares of the company’s stock after acquiring an additional 870,615 shares during the period. Citadel Advisors LLC owned 29.59% of Veea worth $217,000 at the end of the most recent quarter. Institutional investors and hedge funds own 25.88% of the company’s stock.

Veea Stock Performance

Veea stock traded down $0.47 during trading hours on Thursday, reaching $5.13. 175,153 shares of the company were exchanged, compared to its average volume of 2,584,005. The firm has a market cap of $15.97 million, a price-to-earnings ratio of -0.98 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. The stock has a 50-day moving average of $3.55 and a 200 day moving average of $7.62. Veea has a 12 month low of $1.34 and a 12 month high of $16.44.

Veea (NASDAQ:VEEA) last announced its quarterly 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.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Veea to a “hold” rating in a research note on Saturday, October 17th. Weiss Ratings restated a “sell (e+)” rating on shares of Veea in a report on Thursday, October 15th. One analyst has rated the stock with a Sell rating. According to data from MarketBeat.com, Veea currently has a consensus rating of “Sell”.

Veea Company Profile

Veea, Inc develops edge computing and connectivity solutions designed to process data closer to where it is generated. Its platform combines computing, networking, storage, cybersecurity and artificial intelligence capabilities to support connected devices and applications in locations such as commercial buildings, industrial sites and other distributed environments.

The company’s product portfolio includes VeeaHubs, compact edge devices that provide local computing and wireless connectivity, as well as the Veea Edge Platform, which supports the deployment and management of software applications across distributed networks.