Veritone (VERI) Downgraded to Sell at Zacks Investment Research

Veritone (NASDAQ:VERI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Saturday, May 12th.

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 research analysts have also recently issued research reports about the company. B. Riley decreased their target price on Veritone from $15.00 to $10.00 and set a “sell” rating on the stock in a research report on Tuesday, February 27th. Craig Hallum reiterated a “buy” rating and issued a $23.00 target price (down previously from $31.00) on shares of Veritone in a research report on Tuesday, February 27th. Roth Capital decreased their target price on Veritone from $62.00 to $32.00 and set a “buy” rating on the stock in a research report on Tuesday, February 20th. DA Davidson initiated coverage on Veritone in a report on Thursday, April 26th. They set a “buy” rating and a $25.00 price target on the stock. Finally, BidaskClub cut Veritone from a “sell” rating to a “strong sell” rating in a report on Sunday, February 4th. Two analysts have rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $21.38.

Shares of NASDAQ VERI opened at $21.91 on Friday. Veritone has a 52 week low of $7.76 and a 52 week high of $74.92. The firm has a market capitalization of $360.33 million and a P/E ratio of -4.77.

Veritone (NASDAQ:VERI) last issued its quarterly earnings results on Tuesday, May 8th. The company reported ($0.81) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.73) by ($0.08). Veritone had a negative return on equity of 98.44% and a negative net margin of 425.69%. The company had revenue of $4.40 million during the quarter, compared to the consensus estimate of $3.97 million. The business’s quarterly revenue was up 41.9% compared to the same quarter last year. analysts expect that Veritone will post -3.14 EPS for the current fiscal year.

In other Veritone news, CEO Chad Steelberg purchased 11,512 shares of the company’s stock in a transaction on Monday, April 30th. The shares were purchased at an average cost of $20.99 per share, with a total value of $241,636.88. Following the completion of the purchase, the chief executive officer now owns 65,203 shares in the company, valued at $1,368,610.97. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director G Louis Graziadio III purchased 12,400 shares of the company’s stock in a transaction on Wednesday, March 14th. The stock was acquired at an average cost of $14.60 per share, for a total transaction of $181,040.00. Following the completion of the purchase, the director now owns 83,349 shares of the company’s stock, valued at approximately $1,216,895.40. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 53,912 shares of company stock worth $932,277.

A number of institutional investors and hedge funds have recently modified their holdings of VERI. Bank of New York Mellon Corp acquired a new position in Veritone in the third quarter valued at approximately $666,000. Wells Fargo & Company MN acquired a new position in Veritone in the third quarter valued at approximately $489,000. Schwab Charles Investment Management Inc. acquired a new position in Veritone in the third quarter valued at approximately $205,000. Bank of Montreal Can lifted its stake in Veritone by 460.8% in the fourth quarter. Bank of Montreal Can now owns 12,118 shares of the company’s stock valued at $281,000 after buying an additional 9,957 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD acquired a new position in Veritone in the fourth quarter valued at approximately $2,091,000. 9.14% of the stock is currently owned by hedge funds and other institutional investors.

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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