Veritone (NASDAQ:VERI) Releases Earnings Results, Misses Estimates By $0.13 EPS

Veritone (NASDAQ:VERI) released its quarterly earnings data on Thursday. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.13), FiscalAI reports. Veritone had a negative net margin of 117.88% and a negative return on equity of 198.79%. The firm had revenue of $24.26 million during the quarter, compared to analyst estimates of $28.29 million.

Veritone Stock Down 2.0%

Shares of NASDAQ VERI traded down $0.03 on Thursday, hitting $1.49. The company had a trading volume of 5,131,731 shares, compared to its average volume of 2,581,563. Veritone has a 12-month low of $0.98 and a 12-month high of $9.42. The business has a 50 day moving average of $1.30 and a two-hundred day moving average of $2.12. The firm has a market capitalization of $138.50 million, a P/E ratio of -3.24 and a beta of 2.29.

Institutional Investors Weigh In On Veritone

Several hedge funds have recently modified their holdings of VERI. Vanguard Group Inc. boosted its holdings in Veritone by 63.1% in the 3rd quarter. Vanguard Group Inc. now owns 2,754,165 shares of the company’s stock worth $13,275,000 after acquiring an additional 1,065,460 shares during the period. Cooper Creek Partners Management LLC acquired a new stake in Veritone in the third quarter valued at approximately $11,718,000. Marshall Wace LLP raised its stake in shares of Veritone by 16,314.3% during the third 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. Geode Capital Management LLC raised its stake in shares of Veritone by 81.4% during the fourth 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 period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Veritone by 106.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 669,515 shares of the company’s stock valued at $3,113,000 after purchasing an additional 345,178 shares during the period. 39.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VERI has been the subject of a number of research analyst reports. Weiss Ratings raised shares of Veritone from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. UBS Group initiated coverage on shares of Veritone in a research report on Monday, June 1st. They set a “neutral” rating and a $2.50 price target on the stock. D. Boral Capital reiterated a “buy” rating and set a $8.00 price objective on shares of Veritone in a research note on Wednesday, April 15th. Finally, Wall Street Zen raised shares of Veritone from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 1st. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $7.38.

Veritone Company Profile

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.