Veritone (VERI) Shares Down 22.2% Following Weak Earnings

Veritone Inc (NASDAQ:VERI) shares traded down 22.2% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $11.85 and last traded at $12.30. 940,105 shares traded hands during mid-day trading, an increase of 286% from the average session volume of 243,344 shares. The stock had previously closed at $15.80.

The company reported ($0.88) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.85) by ($0.03). The company had revenue of $4.20 million during the quarter, compared to analysts’ expectations of $4.92 million. Veritone had a negative return on equity of 98.44% and a negative net margin of 425.69%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year.

Several research analysts recently commented on the company. B. Riley dropped their price target on Veritone and set a “sell” rating for the company in a research report on Tuesday. Roth Capital dropped their price target on Veritone from $27.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday. Zacks Investment Research upgraded Veritone from a “sell” rating to a “hold” rating in a research report on Friday, April 20th. DA Davidson assumed coverage on Veritone in a research report on Thursday, April 26th. They issued a “buy” rating and a $25.00 price target for the company. Finally, BidaskClub lowered Veritone from a “hold” rating to a “sell” rating in a research report on Wednesday, July 18th. Three investment analysts have rated the stock with a sell rating and five have issued a buy rating to the company. Veritone has an average rating of “Hold” and an average price target of $21.83.



Several large investors have recently made changes to their positions in the business. Uniplan Investment Counsel Inc. boosted its position in shares of Veritone by 1.4% during the first quarter. Uniplan Investment Counsel Inc. now owns 224,089 shares of the company’s stock valued at $3,119,000 after buying an additional 2,995 shares during the period. Millennium Management LLC boosted its position in shares of Veritone by 16.8% during the fourth quarter. Millennium Management LLC now owns 21,944 shares of the company’s stock valued at $509,000 after buying an additional 3,149 shares during the period. Raymond James & Associates boosted its position in shares of Veritone by 19.7% during the second quarter. Raymond James & Associates now owns 20,475 shares of the company’s stock valued at $344,000 after buying an additional 3,375 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Veritone by 32.1% during the second quarter. Bank of New York Mellon Corp now owns 23,679 shares of the company’s stock valued at $398,000 after buying an additional 5,754 shares during the period. Finally, Allianz Asset Management GmbH boosted its position in shares of Veritone by 11.0% during the first quarter. Allianz Asset Management GmbH now owns 105,570 shares of the company’s stock valued at $1,470,000 after buying an additional 10,440 shares during the period. Institutional investors and hedge funds own 9.29% of the company’s stock.

The stock has a market cap of $239.07 million, a PE ratio of -2.68 and a beta of -0.94.

Veritone Company Profile (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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