Veritone (NASDAQ:VERI) Shares Gap Up to $23.50


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Veritone, Inc. (NASDAQ:VERI)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $23.50, but opened at $24.25. Veritone shares last traded at $24.76, with a volume of 5,239 shares.

VERI has been the topic of several recent analyst reports. Northland Securities boosted their price target on Veritone from $15.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, March 5th. Stifel Nicolaus assumed coverage on Veritone in a report on Monday, December 21st. They set a “hold” rating and a $25.00 target price on the stock. Roth Capital boosted their target price on Veritone from $42.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, March 11th. Zacks Investment Research lowered Veritone from a “hold” rating to a “sell” rating in a report on Thursday, March 11th. Finally, JMP Securities boosted their target price on Veritone from $21.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, March 5th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $33.43.

The business has a 50-day moving average price of $31.10 and a two-hundred day moving average price of $25.49. The stock has a market capitalization of $819.10 million, a P/E ratio of -13.02 and a beta of 3.55.

Veritone (NASDAQ:VERI) last released its earnings results on Thursday, March 4th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.25. Veritone had a negative return on equity of 122.72% and a negative net margin of 94.44%. As a group, research analysts forecast that Veritone, Inc. will post -1.69 earnings per share for the current year.

In related news, Director G Louis Graziadio III sold 982 shares of the company’s stock in a transaction on Friday, January 8th. The stock was sold at an average price of $36.40, for a total transaction of $35,744.80. Following the completion of the sale, the director now directly owns 134,283 shares in the company, valued at approximately $4,887,901.20. The sale was disclosed in a filing with the SEC, which is available through this link. 25.60% of the stock is owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Veritone in the 4th quarter worth about $320,000. Advisory Services Network LLC increased its holdings in Veritone by 28.9% in the 4th quarter. Advisory Services Network LLC now owns 4,461 shares of the company’s stock worth $127,000 after purchasing an additional 1,000 shares in the last quarter. Citigroup Inc. increased its holdings in Veritone by 300.9% in the 4th quarter. Citigroup Inc. now owns 4,506 shares of the company’s stock worth $128,000 after purchasing an additional 3,382 shares in the last quarter. Stratos Wealth Partners LTD. acquired a new position in Veritone in the 4th quarter worth about $204,000. Finally, JPMorgan Chase & Co. increased its holdings in Veritone by 13.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,723 shares of the company’s stock worth $82,000 after purchasing an additional 1,001 shares in the last quarter. Institutional investors and hedge funds own 28.10% of the company’s stock.

About Veritone (NASDAQ:VERI)

Veritone, Inc, together with its subsidiaries, provides artificial intelligence (AI) computing solutions in the United States and the United Kingdom. The company develops and operates aiWARE platform, an AI operating system that uses machine learning algorithms or AI models, such as cognitive queries, predictions, correlations, and analyses in real-time using AI models in various categories comprising transcription, face recognition, and object recognition to reveal valuable insights from vast amounts of structured and unstructured data.

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