Veritone (NASDAQ:VERI) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Veritone (NASDAQ:VERI) from a hold rating to a buy rating in a research note released on Thursday, Zacks.com reports. They currently have $23.00 price target on the stock.

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. “

VERI has been the topic of a number of other reports. Northland Securities began coverage on Veritone in a research note on Friday, July 23rd. They issued a buy rating and a $40.00 price objective on the stock. Craig Hallum upgraded Veritone from a sell rating to a hold rating in a research note on Thursday, July 22nd. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Veritone presently has an average rating of Buy and an average target price of $36.60.

Shares of NASDAQ:VERI opened at $24.98 on Thursday. The company’s 50-day moving average is $20.45 and its 200 day moving average is $21.75. The company has a market capitalization of $821.19 million, a P/E ratio of -11.51 and a beta of 3.19. Veritone has a fifty-two week low of $7.88 and a fifty-two week high of $50.34.

Veritone (NASDAQ:VERI) last issued its quarterly earnings results on Tuesday, August 3rd. The company reported ($0.12) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.29. The company had revenue of $19.21 million for the quarter, compared to the consensus estimate of $18.94 million. Veritone had a negative net margin of 95.21% and a negative return on equity of 92.40%. As a group, analysts predict that Veritone will post -1.75 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of Veritone by 3.4% during the second quarter. Price T Rowe Associates Inc. MD now owns 18,087 shares of the company’s stock valued at $356,000 after buying an additional 599 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Veritone by 6.8% during the first quarter. The Manufacturers Life Insurance Company now owns 14,845 shares of the company’s stock valued at $356,000 after buying an additional 944 shares during the period. Federated Hermes Inc. increased its position in shares of Veritone by 0.6% during the second quarter. Federated Hermes Inc. now owns 165,852 shares of the company’s stock valued at $3,269,000 after buying an additional 949 shares during the period. Invesco Ltd. increased its position in shares of Veritone by 11.3% during the second quarter. Invesco Ltd. now owns 10,155 shares of the company’s stock valued at $201,000 after buying an additional 1,029 shares during the period. Finally, Parametric Portfolio Associates LLC increased its position in shares of Veritone by 3.5% during the second quarter. Parametric Portfolio Associates LLC now owns 31,318 shares of the company’s stock valued at $617,000 after buying an additional 1,045 shares during the period. Hedge funds and other institutional investors own 47.29% of the company’s stock.

About Veritone

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.

Featured Story: What is the S&P 500 Index?

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

Analyst Recommendations for Veritone (NASDAQ:VERI)

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.