Veritone (NASDAQ:VERI) Shares Cross Below 50 Day Moving Average – Here’s What Happened

Veritone, Inc. (NASDAQ:VERI) passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $1.46 and traded as low as $0.98. Veritone shares last traded at $0.9989, with a volume of 3,370,624 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group assumed coverage on Veritone in a report on Monday, June 1st. They issued a “neutral” rating and a $2.50 price objective for the company. D. Boral Capital reissued a “buy” rating and set a $8.00 price objective on shares of Veritone in a report on Wednesday, April 15th. Weiss Ratings downgraded Veritone from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, July 15th. Finally, Wall Street Zen lowered Veritone from a “sell” rating to a “strong sell” rating in a research note on Sunday, July 12th. Three analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $7.38.

Veritone Price Performance

The firm has a market capitalization of $101.32 million, a P/E ratio of -2.37 and a beta of 2.28. The firm’s 50 day simple moving average is $1.44 and its two-hundred day simple moving average is $2.32.

Institutional Investors Weigh In On Veritone

Hedge funds and other institutional investors have recently modified their holdings of the stock. SummitTX Capital L.P. purchased a new stake in Veritone during the 1st quarter valued at about $26,000. OMERS ADMINISTRATION Corp increased its stake in Veritone by 115.7% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 76,800 shares of the company’s stock worth $151,000 after purchasing an additional 41,200 shares during the period. Inspire Investing LLC lifted its position in Veritone by 165.0% in the first quarter. Inspire Investing LLC now owns 269,112 shares of the company’s stock valued at $530,000 after purchasing an additional 167,576 shares during the last quarter. Balyasny Asset Management L.P. bought a new stake in Veritone in the fourth quarter valued at approximately $630,000. Finally, 683 Capital Management LLC purchased a new stake in shares of Veritone during the fourth quarter valued at approximately $891,000. Institutional investors own 39.18% of the company’s stock.

Veritone Company Profile

Veritone, Inc (NASDAQ: VERI) is a technology company specializing in artificial intelligence solutions for media, legal, government and enterprise applications. Its flagship offering, aiWARE™, is a cloud-based operating system that orchestrates and automates an ecosystem of machine learning models to transform unstructured data—such as audio, video and text—into actionable intelligence. By providing a modular AI environment, Veritone enables organizations to deploy, manage and scale cognitive engines that address diverse use cases from transcription and translation to sentiment analysis and facial recognition.

Through aiWARE and its suite of purpose-built applications, the company delivers turnkey solutions for content licensing, media monitoring, eDiscovery, compliance and public safety.