Veritone (NASDAQ:VERI) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Veritone (NASDAQ:VERI) from a hold rating to a sell rating in a research report released on Wednesday, Zacks.com reports.

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. “

Separately, JMP Securities increased their target price on shares of Veritone from $45.00 to $49.00 and gave the stock a market outperform rating in a report on Wednesday, November 10th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $42.75.

Shares of NASDAQ VERI opened at $18.15 on Wednesday. The company’s 50 day simple moving average is $24.12 and its 200 day simple moving average is $22.76. Veritone has a fifty-two week low of $16.45 and a fifty-two week high of $50.34. The firm has a market capitalization of $596.66 million, a P/E ratio of -8.60 and a beta of 3.00.

Veritone (NASDAQ:VERI) last announced its quarterly earnings data on Tuesday, November 9th. The company reported ($0.07) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.35) by $0.28. Veritone had a negative net margin of 87.19% and a negative return on equity of 74.18%. The business had revenue of $22.66 million for the quarter, compared to analyst estimates of $22.00 million. During the same period in the prior year, the business posted ($0.40) earnings per share. Equities research analysts anticipate that Veritone will post -1.63 earnings per share for the current fiscal year.

In other news, President Ryan Steelberg bought 2,763 shares of the business’s stock in a transaction on Friday, November 19th. The shares were bought at an average cost of $28.47 per share, for a total transaction of $78,662.61. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 28.90% of the company’s stock.

Several hedge funds have recently modified their holdings of VERI. Wellington Management Group LLP increased its position in shares of Veritone by 136.0% during the third quarter. Wellington Management Group LLP now owns 1,080,918 shares of the company’s stock worth $25,824,000 after acquiring an additional 622,919 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Veritone by 161.8% during the third quarter. Nordea Investment Management AB now owns 772,198 shares of the company’s stock worth $18,494,000 after acquiring an additional 477,237 shares in the last quarter. State Street Corp increased its position in shares of Veritone by 56.4% during the second quarter. State Street Corp now owns 799,013 shares of the company’s stock worth $15,749,000 after acquiring an additional 288,272 shares in the last quarter. First Trust Advisors LP increased its position in shares of Veritone by 393.4% during the second quarter. First Trust Advisors LP now owns 195,593 shares of the company’s stock worth $3,855,000 after acquiring an additional 155,949 shares in the last quarter. Finally, Morgan Stanley increased its position in shares of Veritone by 47.3% during the second quarter. Morgan Stanley now owns 447,024 shares of the company’s stock worth $8,811,000 after acquiring an additional 143,509 shares in the last quarter. 46.00% of the stock is owned by institutional investors.

Veritone Company Profile

Veritone, Inc engages in the provision of artificial intelligence (AI) computing solutions to media and entertainment, government, and legal and compliance industries. It operates through the following segments: Advertising; aiWARE SaaS Solutions; and aiWARE Content Licensing and Media Services. The Advertising segment places advertisements for clients, primarily with radio broadcasters, podcasters and digital media producers.

Recommended Story: Economic Bubble

Get a free copy of the Zacks research report on Veritone (VERI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Veritone Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veritone and related companies with MarketBeat.com's FREE daily email newsletter.