Shares of Veritone, Inc. (NASDAQ:VERI) have garnered a consensus rating of “Moderate Buy” from seven research firms monitoring the company, according to Marketbeat.com. This rating emerges as analysts provide a mix of recommendations: one has issued a sell, one a hold, four have assigned a buy, and one has rated it as a strong buy.
The average price target over the next twelve months stands at $10.00, reflecting the analysts’ expectations for the stock. Recently, analysts have adjusted their outlook on Veritone shares. For instance, on October 20, 2023, HC Wainwright raised its target price from $6.00 to $9.00, rating the stock as a buy. In contrast, Weiss Ratings reiterated a “sell (e+)” rating on October 8, 2023. Meanwhile, D Boral Capital upgraded Veritone to a “strong buy” on September 2, 2023 and subsequently issued a target price of $23.00 on December 9, 2023. Additionally, Wall Street Zen upgraded its rating from sell to hold on October 26, 2023.
Recent Earnings and Institutional Activity
Veritone’s stock experienced a decline of 6.0% recently. The company reported its quarterly earnings on November 6, 2023, showing an earnings per share (EPS) of ($0.09), surpassing the consensus estimate of ($0.11) by $0.02. Revenue for the quarter reached $29.12 million, exceeding analysts’ expectations of $28.69 million. Despite these figures, Veritone posted a negative net margin of 42.60% and a negative return on equity of 361.72%.
In the realm of institutional trading, several hedge funds have recently adjusted their holdings in Veritone. Ground Swell Capital LLC acquired a new position valued at approximately $27,000 in the second quarter. Virtu Financial LLC also purchased a new position in the first quarter for about $30,000. Additionally, Franklin Resources Inc. acquired shares in the third quarter valued at about $50,000, while Sherbrooke Park Advisers LLC invested $80,000 during the same period. Finally, Jefferies Financial Group Inc. purchased a stake worth $82,000 in the third quarter. Collectively, institutional investors and hedge funds own 39.18% of Veritone’s stock.
Company Overview
Veritone, Inc. operates in the artificial intelligence (AI) sector, providing computing solutions and services across various countries including the United States, the United Kingdom, France, Australia, Israel, and India. The company specializes in its aiWARE platform, an AI operating system that utilizes machine learning algorithms designed to replicate human cognitive functions such as perception and problem-solving. This platform enables users to convert unstructured data into structured data, facilitating analysis and optimizing business processes.
As Veritone navigates a competitive landscape in AI, analysts’ perspectives and market performance will be crucial for investors looking to gauge the company’s future trajectory.
