Veritone (NASDAQ:VERI) Shares Gap Down to $13.10

Veritone Inc (NASDAQ:VERI)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $11.40, but opened at $13.10. Veritone shares last traded at $12.01, with a volume of 54,644 shares traded.

VERI has been the subject of a number of research analyst reports. JMP Securities boosted their price objective on Veritone from $7.00 to $9.00 and gave the stock a “market outperform” rating in a report on Tuesday, May 12th. BidaskClub cut Veritone from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 1st. Northland Securities reiterated a “buy” rating and issued a $9.00 price target on shares of Veritone in a research report on Tuesday, May 12th. Roth Capital lifted their price target on shares of Veritone from $7.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. Finally, Zacks Investment Research upgraded shares of Veritone from a “hold” rating to a “buy” rating and set a $7.75 price target for the company in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Veritone presently has an average rating of “Buy” and an average price target of $9.95.

The firm has a market cap of $423.56 million, a P/E ratio of -4.80 and a beta of 2.78. The stock’s 50-day simple moving average is $12.54 and its 200 day simple moving average is $5.42.

Veritone (NASDAQ:VERI) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. Veritone had a negative net margin of 118.27% and a negative return on equity of 119.92%. The firm had revenue of $11.90 million for the quarter, compared to analyst estimates of $12.64 million. Equities analysts expect that Veritone Inc will post -1.75 earnings per share for the current year.

In related news, major shareholder Ryan Steelberg acquired 11,880 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were purchased at an average price of $9.86 per share, for a total transaction of $117,136.80. Also, Director Richard H. Taketa acquired 5,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were bought at an average price of $8.10 per share, for a total transaction of $40,500.00. Following the acquisition, the director now directly owns 19,369 shares of the company’s stock, valued at approximately $156,888.90. The disclosure for this purchase can be found here. Insiders have bought 48,276 shares of company stock worth $556,037 in the last quarter. Company insiders own 25.60% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. MML Investors Services LLC raised its holdings in shares of Veritone by 11.4% in the 1st quarter. MML Investors Services LLC now owns 19,500 shares of the company’s stock worth $45,000 after acquiring an additional 2,000 shares during the last quarter. UBS Group AG raised its holdings in shares of Veritone by 11.6% in the 1st quarter. UBS Group AG now owns 35,238 shares of the company’s stock worth $82,000 after acquiring an additional 3,673 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Veritone by 555.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,034 shares of the company’s stock worth $25,000 after acquiring an additional 8,502 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Veritone by 180.4% in the 1st quarter. Wells Fargo & Company MN now owns 19,630 shares of the company’s stock worth $45,000 after acquiring an additional 12,630 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Veritone in the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 10.83% of the company’s stock.

About Veritone (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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