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

Veea Inc. (NASDAQ:VEEA) was the recipient of a significant drop in short interest in the month of March. As of March 13th, there was short interest totaling 458,712 shares, a drop of 40.0% from the February 26th total of 763,956 shares. Based on an average daily trading volume, of 935,159 shares, the days-to-cover ratio is presently 0.5 days. Currently, 2.3% of the shares of the company are short sold.

Veea Price Performance

Shares of VEEA stock opened at $0.50 on Friday. Veea has a one year low of $0.38 and a one year high of $2.60. The company has a market capitalization of $25.23 million, a price-to-earnings ratio of 50.30 and a beta of 0.23. The company’s fifty day moving average price is $0.54 and its 200-day moving average price is $0.60.

Hedge Funds Weigh In On Veea

A hedge fund recently raised its stake in Veea stock. Jane Street Group LLC grew its position in Veea Inc. (NASDAQ:VEEA) by 359.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,186 shares of the company’s stock after acquiring an additional 40,051 shares during the quarter. Jane Street Group LLC owned about 0.10% of Veea worth $33,000 as of its most recent SEC filing. 25.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Veea in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Veea presently has an average rating of “Sell”.

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.