Veritone (NASDAQ:VERI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Veritone (NASDAQ:VERI) from a sell rating to a hold rating in a report issued on Saturday,Wall Street Zen reports.

A number of other analysts have also issued reports on VERI. Weiss Ratings raised shares of Veritone from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 9th. Needham & Company LLC reiterated a “buy” rating on shares of Veritone in a research note on Tuesday, October 27th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $6.12.

Veritone Stock Down 6.2%

VERI stock opened at $0.61 on Friday. Veritone has a 52-week low of $0.51 and a 52-week high of $6.90. The stock’s 50 day moving average is $0.84 and its two-hundred day moving average is $1.83. The company has a market capitalization of $61.85 million, a PE ratio of -1.60 and a beta of 2.33.

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

Insiders Place Their Bets

In other news, CEO Ryan Steelberg acquired 148,810 shares of the business’s stock in a transaction on Friday, August 21st. The shares were purchased at an average price of $0.85 per share, for a total transaction of $126,488.50. Following the completion of the purchase, the chief executive officer directly owned 730,284 shares of the company’s stock, valued at $620,741.40. This represents a 25.59% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.37% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. SummitTX Capital L.P. bought a new stake in shares of Veritone in the 1st quarter valued at approximately $26,000. Citizens Financial Group Inc. RI acquired a new stake in shares of Veritone during the 2nd quarter valued at approximately $37,000. Two Sigma Securities LLC bought a new position in Veritone during the second quarter worth $38,000. OMERS ADMINISTRATION Corp lifted its stake in Veritone by 115.7% during the first quarter. OMERS ADMINISTRATION Corp now owns 76,800 shares of the company’s stock worth $151,000 after purchasing an additional 41,200 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in Veritone during the second quarter worth $113,000. Institutional investors own 39.18% of the company’s stock.

About Veritone

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.