Zacks Investment Research upgraded shares of Veritone (NASDAQ:VERI) from a sell rating to a hold rating in a research report sent to investors on Friday.
According to Zacks, “Veritone, Inc. is an artificial intelligence company. It developed the Veritone Platform, which unlocks the power of AI-based cognitive computing to transform and analyze unstructured public and private audio and video data for clients in the media, politics, legal and law enforcement industries. Veritone, Inc. is based in Newport Beach, United States. “
A number of other research firms have also weighed in on VERI. B. Riley restated a sell rating and set a $15.00 target price on shares of Veritone in a report on Thursday, December 21st. BidaskClub upgraded Veritone from a strong sell rating to a sell rating in a report on Wednesday, January 24th. Craig Hallum reiterated a buy rating and set a $23.00 price objective (down previously from $31.00) on shares of Veritone in a report on Tuesday, February 27th. Finally, Roth Capital decreased their price objective on Veritone from $62.00 to $32.00 and set a buy rating for the company in a report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $19.33.
Veritone (NASDAQ:VERI) last posted its earnings results on Monday, February 26th. The company reported ($0.83) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.24). The company had revenue of $3.49 million for the quarter, compared to analysts’ expectations of $4.41 million. Veritone had a negative return on equity of 158.62% and a negative net margin of 413.52%. The firm’s quarterly revenue was up 75.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($4.12) EPS. research analysts anticipate that Veritone will post -2.92 earnings per share for the current year.
In other Veritone news, Director G Louis Graziadio III acquired 12,400 shares of the firm’s stock in a transaction dated Wednesday, March 14th. The stock was purchased at an average price of $14.60 per share, for a total transaction of $181,040.00. Following the acquisition, the director now owns 83,349 shares in the company, valued at approximately $1,216,895.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Peter F. Collins acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, March 8th. The shares were acquired at an average price of $14.16 per share, with a total value of $141,600.00. The disclosure for this purchase can be found here.
Several institutional investors and hedge funds have recently modified their holdings of the company. Allianz Asset Management GmbH acquired a new position in shares of Veritone in the 4th quarter valued at $2,207,000. Sumitomo Mitsui Asset Management Company LTD acquired a new position in shares of Veritone in the 4th quarter valued at $2,091,000. BlackRock Inc. increased its position in shares of Veritone by 19.4% in the 4th quarter. BlackRock Inc. now owns 217,379 shares of the company’s stock valued at $5,043,000 after acquiring an additional 35,384 shares during the period. Two Sigma Investments LP acquired a new position in shares of Veritone in the 4th quarter valued at $575,000. Finally, MYDA Advisors LLC acquired a new position in shares of Veritone in the 4th quarter valued at $557,000. Hedge funds and other institutional investors own 9.90% of the company’s stock.
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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