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

Veea Inc. (NASDAQ:VEEA) was the target of a large decline in short interest in July. As of July 15th, there was short interest totaling 96,560 shares, a decline of 90.6% from the June 30th total of 1,030,520 shares. Currently, 0.5% of the company’s stock are short sold. Based on an average daily volume of 1,155,601 shares, the short-interest ratio is currently 0.1 days.

Veea Trading Down 2.1%

Shares of NASDAQ VEEA traded down $0.00 during midday trading on Friday, hitting $0.16. The stock had a trading volume of 233,577 shares, compared to its average volume of 3,525,249. The company has a market capitalization of $8.00 million, a price-to-earnings ratio of -0.43 and a beta of 0.32. The company has a fifty day moving average price of $0.36 and a 200 day moving average price of $0.49. Veea has a 1-year low of $0.15 and a 1-year high of $1.86. 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 (NASDAQ:VEEA) last issued its quarterly earnings results on Friday, May 15th. The company reported ($0.09) EPS for the quarter. The company had revenue of $0.18 million during the quarter.

Analysts Set New Price Targets

Separately, Weiss Ratings restated 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, the stock presently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Veea

A hedge fund recently raised its position in Veea stock. Geode Capital Management LLC raised its stake in shares of Veea Inc. (NASDAQ:VEEA) by 18.2% during the fourth quarter, according to its most recent disclosure with the Securities and 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 0.41% of Veea worth $132,000 as of its most recent filing with the Securities and Exchange Commission. Hedge funds and other institutional investors own 25.88% of the company’s stock.

Veea Company Profile

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.