Northland Securities Reaffirms “Buy” Rating for Veritone (NASDAQ:VERI)

Northland Securities restated their buy rating on shares of Veritone (NASDAQ:VERI) in a research note published on Thursday morning, AnalystRatings.com reports. They currently have a $10.00 price objective on the stock.

A number of other analysts have also recently commented on the stock. ValuEngine raised shares of Veritone from a buy rating to a strong-buy rating in a research note on Thursday, August 1st. Zacks Investment Research cut shares of Veritone from a buy rating to a hold rating in a research note on Saturday, October 12th. Finally, Craig Hallum cut shares of Veritone from a buy rating to a hold rating and cut their target price for the stock from $14.00 to $3.00 in a research note on Thursday. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $8.82.

Shares of NASDAQ:VERI traded up $0.01 on Thursday, hitting $2.67. 239,000 shares of the company were exchanged, compared to its average volume of 556,325. Veritone has a 1-year low of $2.43 and a 1-year high of $9.98. The stock’s 50 day moving average price is $3.17 and its 200 day moving average price is $5.90. The firm has a market capitalization of $59.11 million, a P/E ratio of -0.77 and a beta of 1.37.

Veritone (NASDAQ:VERI) last released its quarterly earnings data on Wednesday, November 6th. The company reported ($0.43) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.35. Veritone had a negative net margin of 155.58% and a negative return on equity of 96.89%. The company had revenue of $12.81 million during the quarter, compared to analysts’ expectations of $12.75 million. During the same quarter in the previous year, the company earned ($0.46) earnings per share. The firm’s revenue for the quarter was up 69.7% on a year-over-year basis. On average, sell-side analysts forecast that Veritone will post -3.16 EPS for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Veritone by 28.7% during the second quarter. Vanguard Group Inc. now owns 526,872 shares of the company’s stock worth $4,405,000 after purchasing an additional 117,586 shares in the last quarter. Northern Trust Corp grew its stake in Veritone by 26.3% during the 2nd quarter. Northern Trust Corp now owns 123,846 shares of the company’s stock valued at $1,036,000 after acquiring an additional 25,751 shares in the last quarter. Creative Planning purchased a new stake in Veritone during the 3rd quarter valued at about $361,000. MML Investors Services LLC grew its stake in Veritone by 78.6% during the 2nd quarter. MML Investors Services LLC now owns 99,850 shares of the company’s stock valued at $835,000 after acquiring an additional 43,950 shares in the last quarter. Finally, Vanguard Capital Wealth Advisors grew its stake in Veritone by 133.1% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 84,150 shares of the company’s stock valued at $703,000 after acquiring an additional 48,050 shares in the last quarter. 18.00% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Veritone (NASDAQ:VERI)

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