Veritone (NASDAQ:VERI) Trading Up 7% – Here’s What Happened

Veritone, Inc. (NASDAQ:VERI)’s share price traded up 7% during trading on Monday . The stock traded as high as $5.62 and last traded at $5.5730. 1,587,883 shares traded hands during trading, a decline of 48% from the average session volume of 3,074,419 shares. The stock had previously closed at $5.21.

Analysts Set New Price Targets

VERI has been the subject of several recent analyst reports. D. Boral Capital reissued a “buy” rating and set a $23.00 price objective on shares of Veritone in a report on Tuesday. Wall Street Zen raised Veritone from a “sell” rating to a “hold” rating in a research note on Sunday, October 26th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Veritone in a research note on Wednesday, October 8th. HC Wainwright upped their price target on Veritone from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Finally, Needham & Company LLC restated a “buy” rating and issued a $10.00 price objective on shares of Veritone in a report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Veritone presently has an average rating of “Moderate Buy” and a consensus price target of $10.00.

Veritone Stock Performance

The firm has a market capitalization of $537.09 million, a P/E ratio of -8.73 and a beta of 2.04. The business’s 50 day simple moving average is $5.45 and its two-hundred day simple moving average is $3.53. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 6.77.

Veritone (NASDAQ:VERI) last issued its earnings results on Thursday, November 6th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.02. The business had revenue of $29.12 million for the quarter, compared to the consensus estimate of $28.69 million. Veritone had a negative return on equity of 361.72% and a negative net margin of 42.60%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Ground Swell Capital LLC purchased a new position in shares of Veritone in the second quarter worth approximately $27,000. Virtu Financial LLC purchased a new stake in Veritone during the 1st quarter valued at approximately $30,000. Franklin Resources Inc. purchased a new position in Veritone during the third quarter valued at $50,000. Sherbrooke Park Advisers LLC bought a new stake in shares of Veritone in the third quarter worth about $80,000. Finally, Jefferies Financial Group Inc. bought a new stake in Veritone in the 3rd quarter worth approximately $82,000. 39.18% of the stock is owned by hedge funds and other institutional investors.

Veritone Company Profile

Veritone, Inc, together with its subsidiaries, engages in the provision of artificial intelligence (AI) computing solutions and services in the United States, the United Kingdom, France, Australia, Israel, and India. It develops and operates aiWARE platform, an AI operating system, that uses machine learning algorithms or AI models designed to mimic human cognitive functions, such as perception, prediction, and problem solving and optimization, as well as enables users to transform unstructured data into structured data, and analyze and optimize data to drive business processes and insights.