Wall Street Zen Upgrades Veritone (NASDAQ:VERI) to Hold

Veritone (NASDAQ:VERI) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday, Wall Street Zen reports.

Several other equities research analysts have also issued reports on VERI. Needham & Company LLC reaffirmed a “buy” rating on shares of Veritone in a research note on Tuesday, October 27th. Weiss Ratings upgraded Veritone from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 9th. Three 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. According to MarketBeat, Veritone has a consensus rating of “Hold” and a consensus price target of $6.12.

Veritone Price Performance

Shares of VERI opened at $0.65 on Friday. Veritone has a twelve month low of $0.51 and a twelve month high of $6.90. The firm has a 50 day moving average of $0.84 and a 200 day moving average of $1.85. The company has a market capitalization of $65.95 million, a P/E ratio of -1.71 and a beta of 2.33.

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

Insider Activity at Veritone

In other Veritone news, CEO Ryan Steelberg bought 148,810 shares of Veritone stock in a transaction on Friday, August 21st. The shares were bought at an average cost of $0.85 per share, for a total transaction of $126,488.50. Following the acquisition, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Veritone

Institutional investors and hedge funds have recently made changes to their positions in the business. Citizens Financial Group Inc. RI boosted its holdings in shares of Veritone by 106.4% in the third quarter. Citizens Financial Group Inc. RI now owns 56,223 shares of the company’s stock valued at $67,000 after acquiring an additional 28,981 shares in the last quarter. Two Sigma Securities LLC purchased a new stake in Veritone during the second quarter worth about $38,000. Bank of America Corp DE purchased a new stake in shares of Veritone in the 2nd quarter worth about $185,000. Quantbot Technologies LP acquired a new stake in Veritone during the 2nd quarter valued at $181,000. Finally, BlackRock Inc. acquired a new stake in Veritone during the second quarter worth approximately $9,003,000. 39.18% of the stock is owned by hedge funds and other institutional investors.

Veritone Company Profile

Veritone, Inc (NASDAQ: VERI) is an artificial intelligence technology company that develops software for organizing, analyzing and generating insights from large volumes of data. Its platform is designed to help organizations apply AI to audio, video, text and other data sources across business and public-sector applications.

The company’s primary technology platform, aiWARE, provides access to a broad range of AI models and tools through a unified operating environment. Veritone also offers solutions for digital media management, including tools that help media organizations, sports teams and other content owners manage, search, monetize and distribute audio and video assets.