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

Veea Inc. (NASDAQ:VEEA) was the target of a large drop in short interest in the month of September. As of September 30th, there was short interest totaling 50,744 shares, a drop 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 presently 0.0 days.

Veea Stock Up 47.3%

VEEA stock traded up $1.83 during trading on Friday, reaching $5.70. 83,281,788 shares of the company were exchanged, compared to its average volume of 21,297,608. Veea has a 52-week low of $1.34 and a 52-week high of $18.67. The stock’s 50 day moving average price is $3.03 and its 200 day moving average price is $6.74. The company has a quick ratio of 0.66, a current ratio of 1.57 and a debt-to-equity ratio of 1.21.

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

Hedge Funds Weigh In On Veea

An institutional investor recently raised its stake in Veea stock. Citadel Advisors LLC increased its position in shares of Veea Inc. (NASDAQ:VEEA) by 1,756.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 920,181 shares of the company’s stock after purchasing an additional 870,615 shares during the quarter. Citadel Advisors LLC owned 29.59% of Veea worth $217,000 as of its most recent filing with the SEC. Institutional investors own 25.88% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Veea in a report on Friday, July 17th. One analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Sell”.

About Veea

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.