Veritone (NASDAQ:VERI) Raised to “Hold” at Zacks Investment Research

Veritone (NASDAQ:VERIGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “Veritone, Inc. is an artificial intelligence company. It developed the Veritone Platform, which unlocks the power of AI-based cognitive computing to transform and analyze unstructured public and private audio and video data for clients in the media, politics, legal and law enforcement industries. Veritone, Inc. is based in Newport Beach, United States. “

Other equities analysts also recently issued reports about the company. Stifel Nicolaus dropped their price target on Veritone from $25.00 to $23.00 and set a “hold” rating on the stock in a research note on Friday, March 4th. Northland Securities dropped their price target on Veritone from $40.00 to $30.00 and set an “outperform” rating on the stock in a research note on Friday, March 4th. Craig Hallum lowered their target price on Veritone from $19.00 to $12.00 in a research report on Wednesday. Bank of America began coverage on Veritone in a research report on Wednesday, February 9th. They set a “buy” rating and a $22.00 target price on the stock. Finally, UBS Group began coverage on Veritone in a research report on Tuesday, April 12th. They set a “neutral” rating and a $18.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $23.00.

VERI stock opened at $9.06 on Thursday. The company has a market cap of $326.72 million, a P/E ratio of -4.58 and a beta of 3.17. Veritone has a 1 year low of $8.98 and a 1 year high of $37.14. The company has a debt-to-equity ratio of 2.42, a current ratio of 1.98 and a quick ratio of 1.98. The stock’s fifty day moving average price is $15.68 and its 200-day moving average price is $20.02.

Veritone (NASDAQ:VERIGet Rating) last released its quarterly earnings results on Thursday, March 3rd. The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.42). The firm had revenue of $55.15 million during the quarter, compared to analysts’ expectations of $44.65 million. Veritone had a negative return on equity of 76.51% and a negative net margin of 52.10%. As a group, analysts expect that Veritone will post -0.81 earnings per share for the current year.

In other Veritone news, Director G Louis Graziadio III acquired 9,000 shares of the stock in a transaction dated Friday, March 11th. The shares were acquired at an average cost of $15.76 per share, for a total transaction of $141,840.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders bought 11,500 shares of company stock worth $179,715 over the last 90 days. Company insiders own 28.90% of the company’s stock.

Several institutional investors have recently made changes to their positions in VERI. Wellington Management Group LLP lifted its position in shares of Veritone by 136.0% in the third quarter. Wellington Management Group LLP now owns 1,080,918 shares of the company’s stock valued at $25,824,000 after acquiring an additional 622,919 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Veritone in the fourth quarter valued at about $13,176,000. Bank of America Corp DE increased its holdings in shares of Veritone by 3,267.9% in the fourth quarter. Bank of America Corp DE now owns 420,249 shares of the company’s stock worth $9,447,000 after purchasing an additional 407,771 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Veritone by 14.4% in the fourth quarter. Handelsbanken Fonder AB now owns 1,518,999 shares of the company’s stock worth $34,147,000 after purchasing an additional 190,845 shares during the last quarter. Finally, Mizuho Markets Americas LLC bought a new stake in shares of Veritone in the fourth quarter worth about $3,800,000. Institutional investors and hedge funds own 49.82% of the company’s stock.

Veritone Company Profile (Get Rating)

Veritone, Inc, together with its subsidiaries, provides artificial intelligence (AI) computing solutions in the United States and the United Kingdom. It develops and operates aiWARE platform, an AI operating system that uses machine learning algorithms or AI models, such as perception, prediction, and problem solving and optimization, as well as cognitive processes, including transcription, language translation, face detection and recognition, object detection and recognition, logo recognition, sentiment analysis, text keyword/topic analysis, audio/video fingerprinting, geolocation, visual moderation, and optical character recognition to reveal valuable insights from vast amounts of structured and unstructured data.

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