Veritone (NASDAQ:VERI) Stock Lifted to Hold by Wall Street Zen

Wall Street Zen upgraded shares of Veritone (NASDAQ:VERI) from a sell rating to a hold rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

Several other research firms have also recently weighed in on VERI. Needham & Company LLC restated a “buy” rating on shares of Veritone in a report on Tuesday. Weiss Ratings raised Veritone from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, September 9th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Veritone has a consensus rating of “Hold” and an average price target of $6.12.

Veritone Trading Down 3.1%

VERI opened at $0.65 on Friday. The company’s 50 day moving average is $0.84 and its 200 day moving average is $1.85. The company has a market cap of $65.95 million, a price-to-earnings ratio of -1.71 and a beta of 2.33. Veritone has a 12-month low of $0.51 and a 12-month high of $6.90.

Veritone (NASDAQ:VERI) last announced its earnings results on Thursday, August 13th. The company reported ($0.11) EPS for the quarter, meeting analysts’ consensus estimates of ($0.11). The business had revenue of $24.26 million during the quarter, compared to analysts’ expectations of $28.29 million. Veritone had a negative net margin of 111.90% and a negative return on equity of 159.15%.

Insiders Place Their Bets

In other Veritone news, CEO Ryan Steelberg bought 148,810 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were purchased at an average price of $0.85 per share, with a total value of $126,488.50. Following the completion of the purchase, the chief executive officer owned 730,284 shares in the company, valued at $620,741.40. This represents a 25.59% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 7.37% of the stock is owned by company insiders.

Institutional Trading of Veritone

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in Veritone in the second quarter worth approximately $9,003,000. Bank of New York Mellon Corp bought a new stake in Veritone during the 2nd quarter valued at $293,000. Bank of America Corp DE bought a new stake in Veritone during the 2nd quarter valued at $185,000. Quantbot Technologies LP bought a new stake in Veritone during the 2nd quarter valued at $181,000. Finally, OMERS ADMINISTRATION Corp lifted its holdings in shares of Veritone by 115.7% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 76,800 shares of the company’s stock worth $151,000 after buying an additional 41,200 shares during the period. 39.18% of the stock is currently owned by institutional investors.

About Veritone

Veritone, Inc (NASDAQ: VERI) is an artificial intelligence technology company that develops software for organizing, analyzing and generating insights from large volumes of data. Its platform is designed to help organizations apply AI to audio, video, text and other data sources across business and public-sector applications.

The company’s primary technology platform, aiWARE, provides access to a broad range of AI models and tools through a unified operating environment. Veritone also offers solutions for digital media management, including tools that help media organizations, sports teams and other content owners manage, search, monetize and distribute audio and video assets.