Shares of Veritone, Inc. (NASDAQ: VERI) have been assigned a consensus rating of “Moderate Buy” by seven research firms monitoring the company, according to Marketbeat.com. This rating stems from a mix of recommendations, including one sell, one hold, four buy, and one strong buy, which highlights the varied outlook on the company’s stock performance.
The average 12-month price target for Veritone shares stands at $10.00, reflecting analysts’ expectations for growth. Recent assessments have seen fluctuations in target prices, with notable updates from several equities analysts. For instance, HC Wainwright raised its target from $6.00 to $9.00 while maintaining a buy rating in a report dated October 20, 2023. In contrast, Weiss Ratings reiterated a sell rating on October 8, 2023.
Another significant upgrade came from D Boral Capital, which designated Veritone as a strong buy in its September 2 report and subsequently set a target price of $23.00 on December 9, 2023. Additionally, Wall Street Zen adjusted its rating from sell to hold on October 26, 2023.
Quarterly Performance and Institutional Interest
Veritone reported its quarterly earnings on November 6, 2023, posting an earnings per share (EPS) of ($0.09), surpassing the consensus estimate of ($0.11) by $0.02. The company generated revenue of $29.12 million, exceeding analysts’ expectations of $28.69 million. Despite these results, Veritone continues to face challenges, reflected in a negative net margin of 42.60% and a staggering negative return on equity of 361.72%.
Institutional trading in Veritone has also seen notable activity. Several hedge funds and institutional investors have recently adjusted their stakes in the company. Ground Swell Capital LLC entered a new position during the second quarter, valued at approximately $27,000. Virtu Financial LLC and Franklin Resources Inc. made similar moves, investing about $30,000 and $50,000 respectively, in their first and third quarters of engagement. Sherbrooke Park Advisers LLC and Jefferies Financial Group Inc. also acquired new stakes, with investments of $80,000 and $82,000 in the third quarter.
Currently, institutional investors hold 39.18% of Veritone’s shares, indicating a significant level of institutional confidence in the company’s potential.
Company Profile and Operations
Veritone, Inc., alongside its subsidiaries, specializes in providing artificial intelligence (AI) computing solutions and services across multiple countries, including the United States, United Kingdom, France, Australia, Israel, and India. The company is known for its aiWARE platform, an AI operating system designed to replicate human cognitive functions such as perception and problem-solving. This innovative platform allows users to convert unstructured data into a structured format, facilitating analysis and optimization to enhance business processes and insights.
As Veritone continues to navigate the evolving landscape of AI technology, analysts and investors alike remain focused on its performance and growth trajectory. The mixed ratings and substantial institutional interest suggest a market that is both cautiously optimistic and critically observant of Veritone’s strategic developments.
