BlackRock Inc. lifted its stake in Veritone Inc (NASDAQ:VERI) by 107.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 447,618 shares of the company’s stock after purchasing an additional 231,376 shares during the period. BlackRock Inc.’s holdings in Veritone were worth $7,529,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in Veritone by 32.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,679 shares of the company’s stock worth $398,000 after acquiring an additional 5,754 shares during the period. Allianz Asset Management GmbH grew its holdings in Veritone by 11.0% during the 1st quarter. Allianz Asset Management GmbH now owns 105,570 shares of the company’s stock worth $1,470,000 after acquiring an additional 10,440 shares during the period. Schwab Charles Investment Management Inc. acquired a new stake in Veritone during the 2nd quarter worth $194,000. UBS Group AG grew its holdings in Veritone by 494.2% during the 1st quarter. UBS Group AG now owns 19,212 shares of the company’s stock worth $267,000 after acquiring an additional 15,979 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Veritone during the 2nd quarter worth $320,000. 16.85% of the stock is owned by institutional investors and hedge funds.
A number of analysts have commented on VERI shares. B. Riley lowered their target price on shares of Veritone and set a “sell” rating for the company in a report on Tuesday, August 14th. BidaskClub lowered shares of Veritone from a “hold” rating to a “sell” rating in a report on Wednesday, July 18th. Zacks Investment Research lowered shares of Veritone from a “buy” rating to a “hold” rating in a report on Wednesday, October 24th. Finally, Roth Capital lowered their target price on shares of Veritone from $27.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, August 14th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $19.54.
In other news, Director G Louis Graziadio III purchased 9,000 shares of Veritone stock in a transaction dated Friday, September 14th. The shares were bought at an average cost of $10.37 per share, with a total value of $93,330.00. Following the completion of the transaction, the director now directly owns 98,308 shares in the company, valued at approximately $1,019,453.96. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Research Corp Acacia sold 1,000,000 shares of Veritone stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $10.50, for a total transaction of $10,500,000.00. Following the transaction, the insider now directly owns 3,119,520 shares in the company, valued at $32,754,960. The disclosure for this sale can be found here. Over the last three months, insiders have bought 19,000 shares of company stock worth $196,030. Insiders own 37.00% of the company’s stock.
Shares of NASDAQ VERI opened at $7.22 on Wednesday. The firm has a market cap of $148.78 million, a PE ratio of -1.57 and a beta of 1.26. Veritone Inc has a twelve month low of $6.50 and a twelve month high of $34.41.
Veritone (NASDAQ:VERI) last announced its quarterly earnings results on Monday, August 13th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.85) by ($0.03). The firm had revenue of $4.20 million for the quarter, compared to the consensus estimate of $4.92 million. Veritone had a negative return on equity of 102.30% and a negative net margin of 377.44%. Veritone’s revenue for the quarter was up 2.4% compared to the same quarter last year. On average, research analysts anticipate that Veritone Inc will post -3.22 EPS for the current year.
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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