Veritone Inc (NASDAQ:VERI) dropped 5.3% during mid-day trading on Thursday . The stock traded as low as $4.62 and last traded at $4.65, approximately 528,570 shares changed hands during mid-day trading. A decline of 9% from the average daily volume of 581,260 shares. The stock had previously closed at $4.91.
VERI has been the subject of several research analyst reports. Northland Securities restated a “buy” rating and issued a $20.00 price objective on shares of Veritone in a research note on Thursday, May 9th. Zacks Investment Research upgraded shares of Veritone from a “hold” rating to a “buy” rating and set a $5.75 price objective for the company in a research note on Wednesday, August 14th. Finally, ValuEngine upgraded shares of Veritone from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $12.25.
The company has a market cap of $103.34 million, a price-to-earnings ratio of -1.34 and a beta of 1.29. The firm’s 50 day simple moving average is $6.75 and its 200-day simple moving average is $6.83.
Veritone (NASDAQ:VERI) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.80) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.86) by $0.06. Veritone had a negative net margin of 155.58% and a negative return on equity of 96.89%. The company had revenue of $12.27 million during the quarter, compared to the consensus estimate of $12.22 million. During the same quarter in the prior year, the firm posted ($0.88) earnings per share. Veritone’s revenue for the quarter was up 194.4% on a year-over-year basis. On average, equities analysts anticipate that Veritone Inc will post -3.16 earnings per share for the current fiscal year.
In other Veritone news, Director Richard H. Taketa bought 9,021 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was acquired at an average price of $7.49 per share, for a total transaction of $67,567.29. Following the completion of the purchase, the director now owns 9,887 shares of the company’s stock, valued at $74,053.63. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, insider Ryan Steelberg bought 25,201 shares of the firm’s stock in a transaction dated Thursday, May 30th. The shares were acquired at an average price of $9.89 per share, with a total value of $249,237.89. Following the purchase, the insider now directly owns 30,671 shares of the company’s stock, valued at approximately $303,336.19. The disclosure for this purchase can be found here. Insiders have bought 80,766 shares of company stock valued at $666,085 in the last quarter. Insiders own 37.00% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Jane Street Group LLC bought a new position in shares of Veritone in the second quarter valued at $131,000. Citadel Advisors LLC bought a new position in shares of Veritone in the second quarter valued at $366,000. Paloma Partners Management Co bought a new position in shares of Veritone in the second quarter valued at $319,000. Vanguard Group Inc. grew its stake in shares of Veritone by 28.7% in the second quarter. Vanguard Group Inc. now owns 526,872 shares of the company’s stock valued at $4,405,000 after buying an additional 117,586 shares in the last quarter. Finally, Parametric Portfolio Associates LLC grew its stake in shares of Veritone by 76.1% in the second quarter. Parametric Portfolio Associates LLC now owns 23,008 shares of the company’s stock valued at $192,000 after buying an additional 9,942 shares in the last quarter. Institutional investors and hedge funds own 16.08% of the company’s stock.
About Veritone (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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