Veritone, Inc. (NASDAQ:VERI) Receives $7.38 Consensus PT from Analysts

Veritone, Inc. (NASDAQ:VERI) has received a consensus rating of “Hold” from the five analysts that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $7.3750.

A number of equities research analysts have recently issued reports on VERI shares. D. Boral Capital restated a “buy” rating and issued a $8.00 price target on shares of Veritone in a research report on Wednesday, April 15th. HC Wainwright restated a “buy” rating and issued a $9.00 price target on shares of Veritone in a research report on Monday, March 30th. Weiss Ratings upgraded Veritone from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, June 23rd. Wall Street Zen lowered Veritone from a “hold” rating to a “sell” rating in a research report on Saturday, March 21st. Finally, UBS Group started coverage on Veritone in a research report on Monday, June 1st. They issued a “neutral” rating and a $2.50 price target for the company.

Institutional Investors Weigh In On Veritone

A number of large investors have recently made changes to their positions in VERI. Geode Capital Management LLC grew its position in shares of Veritone by 4.2% in the second quarter. Geode Capital Management LLC now owns 480,842 shares of the company’s stock valued at $606,000 after purchasing an additional 19,597 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Veritone by 63.1% in the third quarter. Vanguard Group Inc. now owns 2,754,165 shares of the company’s stock valued at $13,275,000 after purchasing an additional 1,065,460 shares in the last quarter. Royce & Associates LP purchased a new stake in shares of Veritone in the third quarter valued at approximately $2,603,000. Jefferies Financial Group Inc. purchased a new stake in shares of Veritone in the third quarter valued at approximately $82,000. Finally, Franklin Resources Inc. purchased a new stake in shares of Veritone in the third quarter valued at approximately $50,000. 39.18% of the stock is currently owned by hedge funds and other institutional investors.

Veritone Stock Performance

Shares of VERI stock opened at $1.37 on Friday. The stock’s fifty day moving average is $1.88 and its two-hundred day moving average is $2.92. The firm has a market capitalization of $127.34 million, a P/E ratio of -2.98 and a beta of 2.23. Veritone has a fifty-two week low of $1.27 and a fifty-two week high of $9.42.

Veritone (NASDAQ:VERI) last announced its quarterly earnings data on Wednesday, April 15th. The company reported $999.00 earnings per share for the quarter. Veritone had a negative return on equity of 198.79% and a negative net margin of 117.88%. On average, equities analysts forecast that Veritone will post -0.29 earnings per share for the current year.

Veritone News Summary

Here are the key news stories impacting Veritone this week:

• Negative Sentiment: Veritone is facing a securities class action tied to its admission that certain previously filed financial statements should no longer be relied upon, raising investor concerns about accounting and disclosure issues. Article Title
• Negative Sentiment: Several law firms issued investor alerts and deadline reminders about the pending VERI class action, keeping legal risk and potential liability front and center for shareholders. Article Title
• Neutral Sentiment: Veritone also received a notice that it expanded approved applications with the Executive Office of the U.S. Attorneys, which could support its government-facing business but appears to be a smaller catalyst than the litigation headlines. Article Title
• Neutral Sentiment: The company also announced a multi-year contract with the California Highway Patrol to speed up evidence redaction and public records fulfillment, a business win that may help sentiment but is being overshadowed by the legal overhang. Article Title

About Veritone

Veritone, Inc (NASDAQ: VERI) is a technology company specializing in artificial intelligence solutions for media, legal, government and enterprise applications. Its flagship offering, aiWARE™, is a cloud-based operating system that orchestrates and automates an ecosystem of machine learning models to transform unstructured data—such as audio, video and text—into actionable intelligence. By providing a modular AI environment, Veritone enables organizations to deploy, manage and scale cognitive engines that address diverse use cases from transcription and translation to sentiment analysis and facial recognition.

Through aiWARE and its suite of purpose-built applications, the company delivers turnkey solutions for content licensing, media monitoring, eDiscovery, compliance and public safety.