Veritone (NASDAQ:VERI) Stock Moved Down to Sell by Wall Street Zen

Wall Street Zen cut shares of Veritone (NASDAQ:VERI) from a hold rating to a sell rating in a research note released on Saturday morning,Wall Street Zen reports.

Other research analysts have also issued research reports about the stock. Needham & Company LLC restated a “buy” rating on shares of Veritone in a research note on Tuesday, October 27th. Weiss Ratings raised shares of Veritone from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 9th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Veritone has a consensus rating of “Hold” and a consensus target price of $6.12.

Veritone Stock Performance

Shares of Veritone stock traded down $0.04 during trading on Friday, hitting $0.45. 4,315,593 shares of the stock traded hands, compared to its average volume of 1,783,124. The stock has a market cap of $45.90 million, a P/E ratio of -1.19 and a beta of 2.33. The company has a fifty day moving average price of $0.78 and a two-hundred day moving average price of $1.67. Veritone has a twelve month low of $0.43 and a twelve month high of $6.13.

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

Insider Transactions at Veritone

In related news, CEO Ryan Steelberg purchased 148,810 shares of the stock in a transaction on Friday, August 21st. The shares were bought at an average price of $0.85 per share, for a total transaction of $126,488.50. Following the completion of the acquisition, the chief executive officer directly owned 730,284 shares in the company, valued at approximately $620,741.40. This trade represents a 25.59% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.37% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Veritone in the second quarter valued at approximately $9,003,000. Russell Investments Group Ltd. increased its position in Veritone by 8,311.6% during the third quarter. Russell Investments Group Ltd. now owns 562,818 shares of the company’s stock worth $670,000 after acquiring an additional 556,127 shares during the period. Bank of New York Mellon Corp acquired a new position in Veritone during the 2nd quarter valued at $293,000. Bank of America Corp DE acquired a new position in Veritone during the 2nd quarter valued at $185,000. Finally, Quantbot Technologies LP bought a new stake in Veritone in the 2nd quarter valued at $181,000. 39.18% of the stock is owned by institutional investors.

Veritone Company Profile

Veritone, Inc. develops artificial intelligence software and services for businesses and public-sector organizations. Its aiWARE platform is designed to help customers process and analyze large volumes of data by coordinating AI models for tasks such as speech recognition, image and video analysis, and language processing. The company’s products and services support uses including media monitoring and advertising, digital content management, public safety and investigations, legal workflows, and talent acquisition.