Zacks Investment Research Lowers Veritone, Inc. (VERI) to Sell

Veritone, Inc. (NASDAQ:VERI) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Friday.

According to Zacks, “Veritone, Inc. is an artificial intelligence company. It developed the Veritone Platform, which unlocks the power of AI-based cognitive computing to transform and analyze unstructured public and private audio and video data for clients in the media, politics, legal and law enforcement industries. Veritone, Inc. is based in Newport Beach, United States. “

A number of other research firms have also weighed in on VERI. Craig Hallum began coverage on shares of Veritone in a research note on Tuesday, June 6th. They set a “buy” rating for the company. Northland Securities began coverage on shares of Veritone in a research note on Tuesday, June 6th. They set an “outperform” rating and a $19.00 price objective for the company. Wunderlich began coverage on shares of Veritone in a research note on Tuesday, June 6th. They set a “buy” rating and a $18.00 price objective for the company. Finally, B. Riley restated a “buy” rating and set a $18.00 price objective on shares of Veritone in a research note on Friday, August 4th. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $16.25.

Shares of Veritone (NASDAQ VERI) opened at 8.02 on Friday. The company’s market capitalization is $119.95 million. The firm has a 50-day moving average of $10.52 and a 200-day moving average of $11.70. Veritone has a 12 month low of $7.80 and a 12 month high of $15.13.

Veritone (NASDAQ:VERI) last issued its quarterly earnings results on Monday, August 7th. The company reported ($1.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.20) by $0.13. The company had revenue of $4.09 million for the quarter, compared to the consensus estimate of $2.99 million. On average, equities analysts predict that Veritone will post ($4.42) earnings per share for the current year.

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In other news, Director G Louis Graziadio III acquired 24,780 shares of Veritone stock in a transaction on Tuesday, May 16th. The stock was acquired at an average cost of $11.67 per share, for a total transaction of $289,182.60. Following the purchase, the director now owns 82,349 shares in the company, valued at $961,012.83. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

A number of hedge funds have recently added to or reduced their stakes in VERI. Uniplan Investment Counsel Inc. purchased a new stake in Veritone during the second quarter worth $5,740,000. White Pine Capital LLC purchased a new stake in Veritone during the second quarter worth $583,000. Unterberg Capital LLC purchased a new stake in Veritone during the second quarter worth $937,000. Spark Investment Management LLC purchased a new stake in Veritone during the second quarter worth $126,000. Finally, Perkins Capital Management Inc. purchased a new stake in Veritone during the second quarter worth $498,000. Institutional investors and hedge funds own 0.37% of the company’s stock.

Veritone Company Profile

Veritone, Inc is a developer of artificial intelligence (AI) platform. The Company’s platform unlocks the power of cognitive computing to transform unstructured audio and video data and analyze it in conjunction with structured data in a seamless, automated manner to generate actionable intelligence.

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