Veritone, Inc. (NASDAQ:VERI) Receives Average Recommendation of “Hold” from Brokerages

Veritone, Inc. (NASDAQ:VERI) has been given an average recommendation of “Hold” by the five ratings firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $6.1250.

Several analysts have recently commented on the stock. Needham & Company LLC reduced their target price on shares of Veritone to $5.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Weiss Ratings lowered shares of Veritone from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 25th. Wall Street Zen raised shares of Veritone from a “strong sell” rating to a “sell” rating in a report on Saturday, August 1st. Finally, UBS Group initiated coverage on shares of Veritone in a research report on Monday, June 1st. They issued a “neutral” rating and a $2.50 price objective for the company.

Insider Activity at Veritone

In other Veritone news, CEO Ryan Steelberg purchased 148,810 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were purchased at an average cost of $0.85 per share, for a total transaction of $126,488.50. Following the completion of the purchase, the chief executive officer directly owned 730,284 shares in the company, valued at $620,741.40. This represents a 25.59% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 7.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. State of Wyoming acquired a new position in shares of Veritone during the 4th quarter worth $25,000. Franklin Resources Inc. lifted its stake in shares of Veritone by 78.3% in the fourth quarter. Franklin Resources Inc. now owns 18,325 shares of the company’s stock valued at $85,000 after purchasing an additional 8,045 shares during the period. Jefferies Financial Group Inc. boosted its holdings in Veritone by 47.8% during the fourth quarter. Jefferies Financial Group Inc. now owns 25,130 shares of the company’s stock worth $117,000 after buying an additional 8,130 shares in the last quarter. SummitTX Capital L.P. purchased a new stake in Veritone during the first quarter worth about $26,000. Finally, LPL Financial LLC grew its position in Veritone by 55.9% during the fourth quarter. LPL Financial LLC now owns 45,938 shares of the company’s stock worth $214,000 after buying an additional 16,481 shares during the period. Hedge funds and other institutional investors own 39.18% of the company’s stock.

Veritone Price Performance

Veritone stock opened at $0.92 on Wednesday. Veritone has a 12 month low of $0.76 and a 12 month high of $9.42. The business has a 50 day simple moving average of $1.08 and a 200-day simple moving average of $1.79. The stock has a market capitalization of $91.97 million, a PE ratio of -2.41 and a beta of 2.26.

Veritone (NASDAQ:VERI) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11). The firm had revenue of $24.26 million during the quarter, compared to the consensus estimate of $28.29 million. Veritone had a negative return on equity of 159.15% and a negative net margin of 111.90%.

About Veritone

Veritone, Inc (NASDAQ: VERI) is a technology company specializing in artificial intelligence solutions for media, legal, government and enterprise applications. Its flagship offering, aiWARE™, is a cloud-based operating system that orchestrates and automates an ecosystem of machine learning models to transform unstructured data—such as audio, video and text—into actionable intelligence. By providing a modular AI environment, Veritone enables organizations to deploy, manage and scale cognitive engines that address diverse use cases from transcription and translation to sentiment analysis and facial recognition.

Through aiWARE and its suite of purpose-built applications, the company delivers turnkey solutions for content licensing, media monitoring, eDiscovery, compliance and public safety.