Veritone, Inc. (NASDAQ:VERI) Stock Has Average Target Price of $6.12

Veritone, Inc. (NASDAQ:VERI) has received a consensus rating of “Hold” from the five brokerages that are currently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $6.12.

A number of research firms have commented on VERI. Needham & Company LLC reissued a “buy” rating on shares of Veritone in a research report on Tuesday, October 27th. Weiss Ratings raised shares of Veritone from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 9th. Finally, Wall Street Zen raised shares of Veritone from a “sell” rating to a “hold” rating in a research report on Saturday.

Insider Transactions at Veritone

In other Veritone news, CEO Ryan Steelberg acquired 148,810 shares of Veritone stock in a transaction that occurred on Friday, August 21st. The stock was bought 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 directly owned 730,284 shares of the company’s stock, valued at approximately $620,741.40. This represents a 25.59% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.37% of the stock is currently owned by insiders.

Institutional Trading of Veritone

Several hedge funds and other institutional investors have recently bought and sold shares of VERI. Citizens Financial Group Inc. RI raised its holdings in Veritone by 106.4% in the third quarter. Citizens Financial Group Inc. RI now owns 56,223 shares of the company’s stock worth $67,000 after purchasing an additional 28,981 shares in the last quarter. Two Sigma Securities LLC purchased a new stake in shares of Veritone during the second quarter valued at about $38,000. Bank of America Corp DE purchased a new stake in shares of Veritone during the second quarter valued at about $185,000. Quantbot Technologies LP bought a new stake in shares of Veritone in the 2nd quarter valued at about $181,000. Finally, BlackRock Inc. bought a new stake in shares of Veritone in the 2nd quarter valued at about $9,003,000. Institutional investors own 39.18% of the company’s stock.

Veritone Price Performance

Shares of VERI stock opened at $0.61 on Thursday. The company has a market capitalization of $61.85 million, a P/E ratio of -1.60 and a beta of 2.33. The company’s 50-day simple moving average is $0.84 and its two-hundred day simple moving average is $1.83. Veritone has a one year low of $0.51 and a one year high of $6.90.

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

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.