Veea Inc. (NASDAQ:VEEA) Short Interest Update

Veea Inc. (NASDAQ:VEEA) saw a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 314,506 shares, an increase of 225.7% from the July 15th total of 96,560 shares. Based on an average daily volume of 726,227 shares, the days-to-cover ratio is presently 0.4 days. Currently, 1.6% of the shares of the company are sold short.

Institutional Inflows and Outflows

An institutional investor recently raised its stake in Veea stock. Geode Capital Management LLC grew its stake in shares of Veea Inc. (NASDAQ:VEEA) by 18.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 207,188 shares of the company’s stock after buying an additional 31,896 shares during the period. Geode Capital Management LLC owned 0.41% of Veea worth $132,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 25.88% of the company’s stock.

Veea Price Performance

Shares of VEEA traded up $0.00 during trading hours on Friday, reaching $0.13. 148,060 shares of the stock traded hands, compared to its average volume of 1,373,492. The company has a market cap of $6.60 million, a P/E ratio of -0.50 and a beta of 0.35. The company has a current ratio of 1.14, a quick ratio of 0.50 and a debt-to-equity ratio of 0.92. The company’s 50-day moving average price is $0.24 and its two-hundred day moving average price is $0.45. Veea has a 52-week low of $0.11 and a 52-week high of $0.93.

Veea (NASDAQ:VEEA) last announced its quarterly earnings data on Wednesday, August 12th. The company reported ($0.08) EPS for the quarter. The firm had revenue of $0.18 million during the quarter.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Veea in a report on Friday, July 17th. One investment analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company 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.