Veea Inc. (NASDAQ:VEEA) Short Interest Down 20.0% in March

Veea Inc. (NASDAQ:VEEA) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totaling 366,957 shares, a drop of 20.0% from the March 15th total of 458,712 shares. Based on an average daily trading volume, of 215,280 shares, the days-to-cover ratio is presently 1.7 days. Currently, 1.9% of the company’s stock are short sold.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Veea stock. Jane Street Group LLC boosted its position in Veea Inc. (NASDAQ:VEEA) by 359.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,186 shares of the company’s stock after buying an additional 40,051 shares during the quarter. Jane Street Group LLC owned 0.10% of Veea worth $33,000 at the end of the most recent quarter. 25.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued 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, According to MarketBeat.com, the stock presently has a consensus rating of “Sell”.

Veea Price Performance

VEEA stock traded up $0.00 during mid-day trading on Friday, reaching $0.68. The company had a trading volume of 44,076 shares, compared to its average volume of 1,296,475. Veea has a 52 week low of $0.38 and a 52 week high of $2.60. The company has a market capitalization of $34.21 million, a price-to-earnings ratio of -4.21 and a beta of 0.18. The stock has a 50 day simple moving average of $0.55 and a two-hundred day simple moving average of $0.60.

Veea (NASDAQ:VEEA) last issued its quarterly earnings results on Tuesday, April 14th. The company reported ($0.12) EPS for the quarter. The company had revenue of ($0.01) million during the quarter.

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.