Veritone, Inc. (NASDAQ:VERI) Stock Has Consensus Target Price of $6.12 According to Brokerages

Veritone, Inc. (NASDAQ:VERI) has been given an average recommendation of “Hold” by the five ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $6.12.

Several research analysts have weighed in on the company. Weiss Ratings raised Veritone from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, September 9th. Wall Street Zen raised shares of Veritone from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 1st. Finally, Needham & Company LLC reduced their target price on shares of Veritone to $5.00 and set a “buy” rating for the company in a research note on Friday, August 14th.

Veritone Stock Down 15.4%

Shares of NASDAQ:VERI opened at $0.59 on Friday. The company’s fifty day moving average is $1.04 and its two-hundred day moving average is $1.50. The company has a market cap of $59.46 million, a P/E ratio of -1.54 and a beta of 2.33. Veritone has a 12-month low of $0.58 and a 12-month high of $9.42.

Veritone (NASDAQ:VERI) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.11) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.11). Veritone had a negative return on equity of 159.15% and a negative net margin of 111.90%.The business had revenue of $24.26 million for the quarter, compared to the consensus estimate of $28.29 million.

Insider Transactions at Veritone

In other Veritone news, CEO Ryan Steelberg bought 148,810 shares of the stock in a transaction on Friday, August 21st. The shares were purchased at an average cost of $0.85 per share, with a total value of $126,488.50. Following the completion of the transaction, the chief executive officer directly owned 730,284 shares of the company’s stock, valued at $620,741.40. This represents a 25.59% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 7.37% of the company’s stock.

Institutional Investors Weigh In On Veritone

A number of large investors have recently added to or reduced their stakes in VERI. SummitTX Capital L.P. acquired a new position in Veritone during the first quarter worth $26,000. Citizens Financial Group Inc. RI bought a new stake in Veritone in the 2nd quarter valued at $37,000. Two Sigma Securities LLC bought a new stake in Veritone in the 2nd quarter valued at $38,000. OMERS ADMINISTRATION Corp lifted its holdings in Veritone by 115.7% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 76,800 shares of the company’s stock valued at $151,000 after purchasing an additional 41,200 shares during the last quarter. Finally, Deutsche Bank AG acquired a new stake in Veritone during the 2nd quarter valued at $113,000. Institutional investors own 39.18% of the company’s stock.

About Veritone

Veritone, Inc is an artificial intelligence company that develops software for analyzing, managing and automating work with audio, video and other data. Its core platform, aiWARE, is designed to connect and orchestrate artificial intelligence models from Veritone and third parties, helping organizations apply AI to tasks such as search, transcription, classification, content moderation and workflow automation.

The company serves customers across media and entertainment, public sector and law enforcement, talent acquisition, sports and other industries.