Veritone (NASDAQ:VERI) Shares Up 7.4%

Veritone Inc (NASDAQ:VERI) shot up 7.4% during mid-day trading on Tuesday . The company traded as high as $5.63 and last traded at $5.36, 1,082,538 shares traded hands during trading. An increase of 83% from the average session volume of 590,647 shares. The stock had previously closed at $4.99.

A number of brokerages recently issued reports on VERI. Zacks Investment Research cut shares of Veritone from a “strong-buy” rating to a “hold” rating and set a $8.75 price objective for the company. in a report on Saturday, July 27th. Northland Securities restated a “buy” rating and set a $20.00 price objective on shares of Veritone in a report on Thursday, May 9th. Finally, ValuEngine upgraded shares of Veritone from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $12.68.

The stock has a market cap of $101.50 million, a PE ratio of -1.54 and a beta of 1.29. The stock’s fifty day moving average is $7.37.

Veritone (NASDAQ:VERI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.86) by $0.06. The firm had revenue of $12.27 million during the quarter, compared to analysts’ expectations of $12.22 million. Veritone had a negative net margin of 155.58% and a negative return on equity of 93.29%. The business’s revenue for the quarter was up 194.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.88) earnings per share. On average, sell-side analysts forecast that Veritone Inc will post -3.34 earnings per share for the current fiscal year.

In related news, insider Ryan Steelberg purchased 33,244 shares of Veritone stock in a transaction dated Friday, June 14th. The stock was bought at an average price of $7.49 per share, for a total transaction of $248,997.56. Following the completion of the acquisition, the insider now directly owns 30,671 shares of the company’s stock, valued at $229,725.79. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard H. Taketa purchased 9,021 shares of Veritone stock in a transaction dated Friday, June 14th. The stock was bought at an average price of $7.49 per share, with a total value of $67,567.29. Following the acquisition, the director now directly owns 9,887 shares of the company’s stock, valued at $74,053.63. The disclosure for this purchase can be found here. Insiders bought 111,142 shares of company stock valued at $915,168 in the last quarter. Corporate insiders own 33.00% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Capital Wealth Advisors acquired a new position in shares of Veritone in the first quarter valued at approximately $187,000. Perkins Capital Management Inc. acquired a new position in Veritone during the first quarter worth $1,274,000. BlackRock Inc. boosted its holdings in Veritone by 8.3% during the fourth quarter. BlackRock Inc. now owns 497,174 shares of the company’s stock worth $1,890,000 after purchasing an additional 38,046 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Veritone by 26.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 71,059 shares of the company’s stock worth $270,000 after purchasing an additional 14,796 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Veritone by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 91,543 shares of the company’s stock worth $347,000 after purchasing an additional 4,209 shares during the last quarter. Institutional investors own 17.96% of the company’s stock.

Veritone Company Profile (NASDAQ:VERI)

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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