Northland Securities reaffirmed their buy rating on shares of Veritone (NASDAQ:VERI) in a report published on Thursday morning, AnalystRatings.com reports. The brokerage currently has a $20.00 target price on the stock.

“We believe Wazee content revenue is seasonally strong in 2Qs, followed by 1Q and 3Q, with 4Q lowest. Sees EBITDA improvements in FY19 v. FY18 and expect loss percent to decline y/y every quarter. The guidance excludes any revenue from potential contract within the government vertical for aiWARE despite three pilot projects that are ongoing. This makes us believe that guidance is conservative and there could be significant upside should any or all of the pilot projects are converted. Revs could be material in 4Q. Further, as we discuss on the next page, the upcoming laws with law enforcement agencies that aim to bring transparency could drive demand for Veritone’s Redact and Identify.”,” the firm’s analyst wrote.

VERI has been the topic of several other reports. Zacks Investment Research lowered shares of Veritone from a hold rating to a sell rating in a research report on Friday, March 1st. JMP Securities started coverage on shares of Veritone in a research report on Wednesday, April 3rd. They issued an outperform rating and a $10.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $12.75.

Shares of VERI traded up $0.18 during trading hours on Thursday, hitting $7.33. The company had a trading volume of 759,660 shares, compared to its average volume of 669,091. The firm has a market capitalization of $121.96 million, a PE ratio of -2.11 and a beta of 2.81. Veritone has a 12 month low of $3.65 and a 12 month high of $24.76.

Veritone (NASDAQ:VERI) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.48) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.89) by $0.41. The company had revenue of $12.13 million for the quarter, compared to analyst estimates of $11.58 million. Veritone had a negative net margin of 225.92% and a negative return on equity of 94.68%. The company’s revenue was up 176.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.81) earnings per share. As a group, sell-side analysts expect that Veritone will post -3.34 EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC raised its position in shares of Veritone by 2,915.0% in the fourth quarter. Barclays PLC now owns 7,447 shares of the company’s stock valued at $28,000 after purchasing an additional 7,200 shares during the period. Parametric Portfolio Associates LLC acquired a new position in shares of Veritone in the first quarter valued at about $68,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Veritone in the fourth quarter valued at about $52,000. AQR Capital Management LLC acquired a new position in shares of Veritone in the third quarter valued at about $144,000. Finally, NJ State Employees Deferred Compensation Plan acquired a new position in shares of Veritone in the fourth quarter valued at about $76,000. 22.42% of the stock is currently owned by institutional investors.

Veritone Company Profile

Veritone, Inc provides artificial intelligence (AI) and computing solutions in the United States and the United Kingdom. It develops and operates aiWARE platform, an AI operating system that unlocks the power of cognitive computing to transform audio, video, and other unstructured data, as well as analyzes it in conjunction with structured data in an orchestrated and automated manner to generate actionable intelligence.

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Analyst Recommendations for Veritone (NASDAQ:VERI)

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