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

Veea Inc. (NASDAQ:VEEA) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totaling 408,321 shares, an increase of 106.6% from the May 31st total of 197,597 shares. Based on an average daily trading volume, of 439,892 shares, the short-interest ratio is currently 0.9 days. Currently, 2.1% of the company’s shares are short sold.

Veea Stock Down 16.1%

Veea stock traded down $0.04 during trading on Tuesday, reaching $0.22. The stock had a trading volume of 6,132,266 shares, compared to its average volume of 1,320,961. The company has a quick ratio of 0.50, a current ratio of 1.14 and a debt-to-equity ratio of 0.92. Veea has a 52-week low of $0.18 and a 52-week high of $1.89. The stock has a market cap of $10.93 million, a PE ratio of -0.59 and a beta of 0.22. The business has a 50 day moving average price of $0.50 and a 200 day moving average price of $0.55.

Veea (NASDAQ:VEEA) last announced its quarterly earnings data on Friday, May 15th. The company reported ($0.09) EPS for the quarter. The business had revenue of $0.18 million for the quarter.

Institutional Investors Weigh In On Veea

An institutional investor recently raised its position in Veea stock. Geode Capital Management LLC boosted its holdings in Veea Inc. (NASDAQ:VEEA) by 18.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 207,188 shares of the company’s stock after purchasing an additional 31,896 shares during the quarter. Geode Capital Management LLC owned about 0.41% of Veea worth $132,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 25.88% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Veea in a report on Monday, April 20th. One analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company currently has a consensus rating of “Sell”.

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.