Veritone (VERI) Upgraded by Zacks Investment Research to Buy

Veritone (NASDAQ:VERI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $9.25 price target on the stock. Zacks Investment Research‘s price target suggests a potential upside of 9.08% from the company’s current price.

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 have also issued research reports about the stock. Roth Capital dropped their target price on shares of Veritone from $27.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, August 14th. BidaskClub lowered shares of Veritone from a “hold” rating to a “sell” rating in a report on Wednesday, July 18th. Finally, B. Riley decreased their price target on shares of Veritone and set a “sell” rating for the company in a research note on Tuesday, August 14th. Two analysts have rated the stock with a sell rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $19.54.

VERI stock traded down $0.14 during midday trading on Wednesday, hitting $8.48. The stock had a trading volume of 6,459 shares, compared to its average volume of 223,561. The firm has a market cap of $191.10 million, a price-to-earnings ratio of -1.85 and a beta of -1.73. Veritone has a 1-year low of $8.12 and a 1-year high of $43.33.

Veritone (NASDAQ:VERI) last released its earnings results on Monday, August 13th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.85) by ($0.03). The firm had revenue of $4.20 million during the quarter, compared to analyst estimates of $4.92 million. Veritone had a negative net margin of 377.44% and a negative return on equity of 102.30%. The business’s revenue for the quarter was up 2.4% compared to the same quarter last year. Equities analysts anticipate that Veritone will post -3.22 earnings per share for the current year.

In other news, Director G Louis Graziadio III bought 9,000 shares of the stock in a transaction on Friday, September 14th. The shares were acquired at an average cost of $10.37 per share, for a total transaction of $93,330.00. Following the purchase, the director now directly owns 98,308 shares of the company’s stock, valued at approximately $1,019,453.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Research Corp Acacia sold 1,000,000 shares of the stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $10.50, for a total transaction of $10,500,000.00. Following the completion of the sale, the insider now owns 3,119,520 shares in the company, valued at $32,754,960. The disclosure for this sale can be found here. Insiders acquired a total of 19,000 shares of company stock worth $196,030 over the last quarter. Corporate insiders own 37.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of VERI. Schwab Charles Investment Management Inc. bought a new position in shares of Veritone in the 2nd quarter worth $194,000. UBS Group AG increased its holdings in shares of Veritone by 494.2% in the 1st quarter. UBS Group AG now owns 19,212 shares of the company’s stock worth $267,000 after buying an additional 15,979 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Veritone in the 2nd quarter worth $298,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Veritone in the 2nd quarter worth $320,000. Finally, Raymond James & Associates increased its holdings in shares of Veritone by 19.7% in the 2nd quarter. Raymond James & Associates now owns 20,475 shares of the company’s stock worth $344,000 after buying an additional 3,375 shares during the last quarter. Institutional investors and hedge funds own 16.81% of the company’s stock.

Veritone Company Profile

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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