Veritone (NASDAQ:VERI) Trading 8.9% Higher

Veritone, Inc. (NASDAQ:VERI) shares rose 8.9% during mid-day trading on Tuesday . The company traded as high as $2.60 and last traded at $2.58. Approximately 518,831 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 1,680,254 shares. The stock had previously closed at $2.37.

Analysts Set New Price Targets

Separately, Roth Mkm lifted their price objective on Veritone from $1.85 to $2.25 and gave the stock a “neutral” rating in a report on Thursday, March 14th.

Veritone Price Performance

The company’s 50-day moving average is $3.05 and its 200-day moving average is $2.86. The firm has a market capitalization of $93.69 million, a price-to-earnings ratio of -1.16 and a beta of 3.28. The company has a debt-to-equity ratio of 9.02, a current ratio of 0.87 and a quick ratio of 0.87.

Veritone (NASDAQ:VERI) last issued its earnings results on Tuesday, May 7th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.01. The business had revenue of $31.64 million for the quarter, compared to analyst estimates of $30.70 million. Veritone had a negative return on equity of 154.87% and a negative net margin of 44.39%.

Hedge Funds Weigh In On Veritone

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Private Management Group Inc. grew its stake in shares of Veritone by 7.3% during the fourth quarter. Private Management Group Inc. now owns 2,126,535 shares of the company’s stock valued at $3,849,000 after acquiring an additional 144,613 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in Veritone during the 3rd quarter worth approximately $27,000. Vontobel Holding Ltd. raised its position in shares of Veritone by 32.2% in the 4th quarter. Vontobel Holding Ltd. now owns 439,130 shares of the company’s stock valued at $795,000 after purchasing an additional 106,890 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Veritone by 200.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 18,000 shares of the company’s stock valued at $33,000 after buying an additional 12,000 shares during the last quarter. Finally, Bfsg LLC acquired a new stake in shares of Veritone during the fourth quarter worth approximately $29,000. 39.18% of the stock is owned by institutional investors and hedge funds.

About Veritone

Veritone, Inc, together with its subsidiaries, engages in the provision of artificial intelligence (AI) computing solutions and services in the United States, the United Kingdom, France, Australia, Israel, and India. It develops and operates aiWARE platform, an AI operating system, that uses machine learning algorithms or AI models designed to mimic human cognitive functions, such as perception, prediction, and problem solving and optimization, as well as enables users to transform unstructured data into structured data, and analyze and optimize data to drive business processes and insights.