Veritone (VERI) Hits New 1-Year Low Following Analyst Downgrade
Veritone Inc (NASDAQ:VERI) shares hit a new 52-week low during trading on Wednesday after Craig Hallum lowered their price target on the stock from $22.00 to $14.00. Craig Hallum currently has a buy rating on the stock. Veritone traded as low as $6.41 and last traded at $6.41, with a volume of 2836 shares traded. The stock had previously closed at $6.78.
Several other brokerages have also recently commented on VERI. B. Riley lowered their target price on shares of Veritone and set a “sell” rating on the stock in a report on Tuesday, August 14th. DA Davidson lowered their target price on shares of Veritone to $12.00 and set a “buy” rating on the stock in a report on Tuesday. Roth Capital lowered their target price on shares of Veritone from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday. Zacks Investment Research raised shares of Veritone from a “hold” rating to a “buy” rating and set a $9.25 target price on the stock in a report on Wednesday, October 17th. Finally, BidaskClub cut shares of Veritone from a “hold” rating to a “sell” rating in a report on Wednesday, July 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. Veritone currently has a consensus rating of “Hold” and a consensus price target of $14.88.
In other news, Director G Louis Graziadio III acquired 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 12th. The shares were acquired at an average cost of $10.10 per share, with a total value of $50,500.00. Following the completion of the purchase, the director now directly owns 98,308 shares of the company’s stock, valued at approximately $992,910.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Research Corp Acacia sold 1,000,000 shares of Veritone stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $10.50, for a total transaction of $10,500,000.00. Following the completion of the transaction, the insider now directly owns 3,119,520 shares in the company, valued at $32,754,960. The disclosure for this sale can be found here. Insiders have bought 19,000 shares of company stock worth $196,030 over the last ninety days. Insiders own 37.00% of the company’s stock.
The company has a market cap of $126.06 million, a PE ratio of -1.42 and a beta of 1.26.
Veritone (NASDAQ:VERI) last announced its quarterly earnings data on Monday, November 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.78) by ($0.08). Veritone had a negative net margin of 286.28% and a negative return on equity of 91.01%. The firm had revenue of $7.55 million during the quarter, compared to the consensus estimate of $6.03 million. During the same period last year, the business earned ($1.31) earnings per share. The business’s revenue was up 102.9% compared to the same quarter last year. As a group, sell-side analysts expect that Veritone Inc will post -3.28 EPS for the current fiscal year.
Veritone Company Profile (NASDAQ:VERI)
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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