Veritone (NASDAQ:VERI) Stock Price Crosses Below 50 Day Moving Average – Here’s Why

Veritone, Inc. (NASDAQ:VERI) shares passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $1.46 and traded as low as $0.98. Veritone shares last traded at $0.9989, with a volume of 3,370,624 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on VERI shares. UBS Group assumed coverage on Veritone in a research note on Monday, June 1st. They issued a “neutral” rating and a $2.50 price target for the company. Wall Street Zen cut Veritone from a “sell” rating to a “strong sell” rating in a research report on Sunday, July 12th. Weiss Ratings downgraded Veritone from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, July 15th. Finally, D. Boral Capital reissued a “buy” rating and issued a $8.00 target price on shares of Veritone in a research report on Wednesday, April 15th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $7.38.

Veritone Trading Down 4.0%

The firm has a market capitalization of $92.85 million, a PE ratio of -2.17 and a beta of 2.28. The business’s 50 day simple moving average is $1.46 and its two-hundred day simple moving average is $2.34.

Institutional Trading of Veritone

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Veritone by 63.1% in the third quarter. Vanguard Group Inc. now owns 2,754,165 shares of the company’s stock valued at $13,275,000 after acquiring an additional 1,065,460 shares during the period. Banta Asset Management LP purchased a new position in Veritone in the fourth quarter worth about $12,268,000. Cooper Creek Partners Management LLC bought a new stake in shares of Veritone during the 3rd quarter valued at about $11,718,000. Marshall Wace LLP grew its stake in shares of Veritone by 16,314.3% during the 3rd quarter. Marshall Wace LLP now owns 1,676,397 shares of the company’s stock valued at $8,080,000 after purchasing an additional 1,666,184 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Veritone by 81.4% during the 4th quarter. Geode Capital Management LLC now owns 984,749 shares of the company’s stock valued at $4,581,000 after purchasing an additional 441,875 shares during the last quarter. Hedge funds and other institutional investors own 39.18% of the company’s stock.

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.