Craig Hallum Lowers Veritone (NASDAQ:VERI) to Hold

Craig Hallum downgraded shares of Veritone (NASDAQ:VERI) from a buy rating to a hold rating in a research report sent to investors on Thursday morning, The Fly reports. The brokerage currently has $3.00 target price on the stock, down from their previous target price of $14.00.

VERI has been the topic of several other reports. Zacks Investment Research cut Veritone from a buy rating to a hold rating in a research note on Saturday, October 12th. ValuEngine upgraded Veritone from a buy rating to a strong-buy rating in a research note on Thursday, August 1st. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $8.82.

VERI traded up $0.01 on Thursday, reaching $2.67. 239,000 shares of the company’s stock were exchanged, compared to its average volume of 556,325. The company’s 50 day moving average is $3.17 and its 200-day moving average is $5.90. Veritone has a twelve month low of $2.43 and a twelve month high of $9.98. The company has a market cap of $59.11 million, a price-to-earnings ratio of -0.77 and a beta of 1.37.

Veritone (NASDAQ:VERI) last announced its quarterly earnings data on Wednesday, November 6th. The company reported ($0.43) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.78) by $0.35. Veritone had a negative return on equity of 96.89% and a negative net margin of 155.58%. The firm had revenue of $12.81 million for the quarter, compared to analysts’ expectations of $12.75 million. During the same period last year, the business posted ($0.46) earnings per share. The firm’s revenue for the quarter was up 69.7% on a year-over-year basis. As a group, equities research analysts forecast that Veritone will post -3.16 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. Parametric Portfolio Associates LLC lifted its stake in Veritone by 76.1% in the second quarter. Parametric Portfolio Associates LLC now owns 23,008 shares of the company’s stock valued at $192,000 after buying an additional 9,942 shares during the last quarter. Jane Street Group LLC bought a new stake in Veritone in the second quarter valued at $131,000. Northern Trust Corp lifted its stake in Veritone by 26.3% in the second quarter. Northern Trust Corp now owns 123,846 shares of the company’s stock valued at $1,036,000 after buying an additional 25,751 shares during the last quarter. Paloma Partners Management Co bought a new stake in Veritone in the second quarter valued at $319,000. Finally, Citadel Advisors LLC bought a new stake in Veritone in the second quarter valued at $366,000. Institutional investors own 18.00% of the company’s stock.

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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