Needham & Company LLC Initiates Coverage on Veritone (NASDAQ:VERI)

Investment analysts at Needham & Company LLC started coverage on shares of Veritone (NASDAQ:VERI) in a research note issued to investors on Thursday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $10.00 price target on the stock. Needham & Company LLC’s price target indicates a potential upside of 78.57% from the company’s current price.

VERI has been the subject of a number of other research reports. D. Boral Capital restated a “buy” rating on shares of Veritone in a research note on Wednesday, October 15th. D Boral Capital raised shares of Veritone to a “strong-buy” rating in a report on Tuesday, September 2nd. HC Wainwright upped their target price on Veritone from $6.00 to $9.00 and gave the company a “buy” rating in a research report on Monday. Wall Street Zen downgraded Veritone from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Veritone in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.60.

Veritone Trading Down 6.2%

VERI stock opened at $5.60 on Thursday. The company has a debt-to-equity ratio of 89.57, a current ratio of 0.89 and a quick ratio of 0.89. The company has a fifty day moving average price of $4.26 and a two-hundred day moving average price of $2.71. Veritone has a one year low of $1.22 and a one year high of $9.42. The stock has a market cap of $331.35 million, a price-to-earnings ratio of -6.75 and a beta of 3.23.

Hedge Funds Weigh In On Veritone

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VERI. Ground Swell Capital LLC acquired a new position in Veritone in the 2nd quarter valued at $27,000. Virtu Financial LLC bought a new position in shares of Veritone in the first quarter worth $30,000. Capital Advisors Inc. OK bought a new position in shares of Veritone in the first quarter worth $70,000. NBZ Investment Advisors LLC acquired a new stake in Veritone during the first quarter worth about $86,000. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in Veritone during the first quarter worth about $102,000. 39.18% of the stock is owned by institutional investors and hedge funds.

Veritone Company Profile

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.