Key Points
- CEO Ryan Steelberg bought 148,810 Veritone shares at an average price of $0.85, investing $126,488.50 and increasing his direct ownership by 25.59% to 730,284 shares.
- Veritone reported quarterly revenue of $24.26 million, below the $28.29 million analyst estimate, while its loss of $0.11 per share matched expectations. The company continues to post substantial negative profitability metrics, including a net margin of -111.90%.
- VERI shares opened at $0.86 near their 52-week low of $0.80, with analysts holding a consensus “Hold” rating and an average price target of $6.12; institutional investors own 39.18% of the stock.
Veritone, Inc. (NASDAQ:VERI - Get Free Report) CEO Ryan Steelberg purchased 148,810 shares of the stock in a transaction dated Friday, August 21st. The shares were purchased at an average cost 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 ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Veritone Stock Performance
Shares of NASDAQ:VERI opened at $0.86 on Tuesday. The stock's 50-day simple moving average is $1.20 and its two-hundred day simple moving average is $1.97. Veritone, Inc. has a 52-week low of $0.80 and a 52-week high of $9.42. The stock has a market capitalization of $86.01 million, a price-to-earnings ratio of -2.25 and a beta of 2.29.
Veritone (NASDAQ:VERI - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported ($0.11) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.11). The company had revenue of $24.26 million during the quarter, compared to analyst estimates of $28.29 million. Veritone had a negative net margin of 111.90% and a negative return on equity of 159.15%.
Analysts Set New Price Targets
Several brokerages have weighed in on VERI. Wall Street Zen raised shares of Veritone from a "strong sell" rating to a "sell" rating in a report on Saturday, August 1st. Weiss Ratings upgraded shares of Veritone from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 11th. UBS Group began coverage on shares of Veritone in a report on Monday, June 1st. They issued a "neutral" rating and a $2.50 target price for the company. Finally, Needham & Company LLC decreased their price target on Veritone to $5.00 and set a "buy" rating on the stock in a report on Friday, August 14th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $6.12.
View Our Latest Report on VERI
Hedge Funds Weigh In On Veritone
Several hedge funds have recently modified their holdings of the stock. Banta Asset Management LP bought a new position in shares of Veritone during the fourth quarter worth $12,268,000. Themes Management Co LLC purchased a new stake in Veritone in the 4th quarter worth $2,750,000. Royce & Associates LP lifted its stake in Veritone by 60.4% in the 4th quarter. Royce & Associates LP now owns 866,000 shares of the company's stock worth $4,027,000 after purchasing an additional 326,000 shares in the last quarter. Citizens Financial Group Inc. RI bought a new position in shares of Veritone during the 2nd quarter valued at about $37,000. Finally, BlackRock Inc. bought a new position in shares of Veritone during the 2nd quarter valued at about $9,003,000. Hedge funds and other institutional investors own 39.18% of the company's stock.
Veritone Company Profile
(
Get Free Report)
Veritone, Inc (NASDAQ: VERI) is a technology company specializing in artificial intelligence solutions for media, legal, government and enterprise applications. Its flagship offering, aiWARE™, is a cloud-based operating system that orchestrates and automates an ecosystem of machine learning models to transform unstructured data—such as audio, video and text—into actionable intelligence. By providing a modular AI environment, Veritone enables organizations to deploy, manage and scale cognitive engines that address diverse use cases from transcription and translation to sentiment analysis and facial recognition.
Through aiWARE and its suite of purpose-built applications, the company delivers turnkey solutions for content licensing, media monitoring, eDiscovery, compliance and public safety.
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