Veea Inc. (NASDAQ:VEEA) Shares Shorted: Short Interest Up 81.3% in September

Veea Inc. (NASDAQ:VEEA) was the recipient of a significant growth in short interest during the month of September. As of September 15th, there was short interest totaling 1,216,996 shares, a growth of 81.3% from the August 31st total of 671,095 shares. Approximately 99.7% of the company’s stock are short sold. Based on an average daily volume of 22,884,801 shares, the short-interest ratio is currently 0.1 days.

Institutional Trading of Veea

An institutional investor recently raised its stake in Veea stock. Citadel Advisors LLC grew its position in shares of Veea Inc. (NASDAQ:VEEA) by 1,756.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 920,181 shares of the company’s stock after buying an additional 870,615 shares during the period. Citadel Advisors LLC owned about 29.59% of Veea worth $217,000 as of its most recent SEC filing. Institutional investors own 25.88% of the company’s stock.

Veea Stock Down 11.6%

VEEA stock traded down $0.29 during mid-day trading on Wednesday, hitting $2.21. 84,445 shares of the company were exchanged, compared to its average volume of 1,507,245. The firm has a fifty day simple moving average of $2.85 and a 200 day simple moving average of $7.19. The company has a market capitalization of $6.87 million, a PE ratio of -0.43 and a beta of 0.29. Veea has a twelve month low of $1.34 and a twelve month high of $18.67. The company has a current ratio of 1.57, a quick ratio of 0.66 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 (EPS) for the quarter. The firm had revenue of $0.18 million for the quarter.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Veea in a report on Friday, July 17th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock presently has an average rating of “Sell”.

About Veea

Veea, Inc (NASDAQ:VEEA) develops edge computing and communications technology designed to connect, manage and secure devices and applications closer to where data is generated. Its solutions are intended to support the Internet of Things, artificial intelligence, industrial automation and other distributed computing applications.

The company’s portfolio includes smart edge computing hubs, wireless networking equipment and software for device management, data processing and cybersecurity.