Veea Inc. (NASDAQ:VEEA) Shares Shorted: Short Interest Up 451.9% in October

Veea Inc. (NASDAQ:VEEA) was the recipient of a significant increase in short interest in 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 trading volume of 22,250,178 shares, the days-to-cover ratio is presently 0.0 days. Approximately 22.9% of the company’s stock are short sold.

Veea Stock Down 1.2%

Shares of Veea stock traded down $0.07 during trading hours on Tuesday, hitting $6.00. The company had a trading volume of 169,363 shares, compared to its average volume of 2,605,593. The company’s 50-day moving average is $3.42 and its two-hundred day moving average is $7.69. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.57 and a quick ratio of 0.66. Veea has a twelve month low of $1.34 and a twelve month high of $16.44. The company has a market cap of $18.68 million, a P/E ratio of -1.15 and a beta of 0.29.

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on VEEA. Weiss Ratings reissued a “sell (e+)” rating on shares of Veea in a research note on Thursday, October 15th. Wall Street Zen upgraded Veea to a “hold” rating in a research report on Saturday, October 17th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat, the stock has an average rating of “Sell”.

Hedge Funds Weigh In On Veea

A hedge fund recently raised its stake in Veea stock. Citadel Advisors LLC lifted its position in Veea Inc. (NASDAQ:VEEA) by 1,756.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 920,181 shares of the company’s stock after acquiring an additional 870,615 shares during the quarter. Citadel Advisors LLC owned 29.59% of Veea worth $217,000 as of its most recent SEC filing. 25.88% of the stock is owned by institutional investors and hedge funds.

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.