Veritone (VERI) Shares Up 15.3%

Veritone Inc (NASDAQ:VERI) shares shot up 15.3% during trading on Thursday . The stock traded as high as $9.98 and last traded at $9.88. 908,957 shares changed hands during trading, an increase of 36% from the average session volume of 669,473 shares. The stock had previously closed at $8.57.

Several brokerages recently commented on VERI. Zacks Investment Research cut Veritone from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Northland Securities reaffirmed a “buy” rating and set a $20.00 target price on shares of Veritone in a report on Thursday, May 9th. Finally, JMP Securities began coverage on Veritone in a research note on Wednesday, April 3rd. They issued an “outperform” rating and a $10.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $12.75.

The stock has a market capitalization of $175.76 million, a PE ratio of -2.84 and a beta of 2.81.

Veritone (NASDAQ:VERI) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.89) by $0.41. Veritone had a negative return on equity of 86.72% and a negative net margin of 185.03%. The company had revenue of $12.13 million for the quarter, compared to the consensus estimate of $11.58 million. During the same quarter last year, the business posted ($0.81) earnings per share. The firm’s revenue was up 176.3% compared to the same quarter last year. Sell-side analysts expect that Veritone Inc will post -3.27 earnings per share for the current year.

In other Veritone news, insider Ryan Steelberg acquired 30,376 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were bought at an average price of $8.20 per share, for a total transaction of $249,083.20. Following the completion of the transaction, the insider now owns 30,671 shares of the company’s stock, valued at approximately $251,502.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 37.00% of the company’s stock.

Several hedge funds have recently modified their holdings of VERI. BlackRock Inc. raised its position in shares of Veritone by 2.6% in the third quarter. BlackRock Inc. now owns 459,128 shares of the company’s stock worth $4,790,000 after buying an additional 11,510 shares in the last quarter. Dimensional Fund Advisors LP bought a new position in Veritone in the third quarter valued at $587,000. AQR Capital Management LLC bought a new position in Veritone in the third quarter valued at $144,000. Morgan Stanley increased its stake in Veritone by 116.7% in the third quarter. Morgan Stanley now owns 641,308 shares of the company’s stock valued at $6,689,000 after acquiring an additional 345,297 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in Veritone in the fourth quarter valued at $148,000. Institutional investors own 18.06% of the company’s stock.

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Veritone Company Profile (NASDAQ:VERI)

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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