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Zacks Investment Research cut shares of Veritone (NASDAQ:VERI) from a hold rating to a sell rating in a research note issued to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Veritone, Inc. is an artificial intelligence company. It developed the Veritone Platform, which unlocks the power of AI-based cognitive computing to transform and analyze unstructured public and private audio and video data for clients in the media, politics, legal and law enforcement industries. Veritone, Inc. is based in Newport Beach, United States. “

Separately, JMP Securities raised their target price on shares of Veritone from $45.00 to $49.00 and gave the company a market outperform rating in a report on Wednesday, November 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Veritone presently has a consensus rating of Hold and a consensus target price of $42.75.

VERI stock opened at $18.15 on Wednesday. Veritone has a 12 month low of $16.45 and a 12 month high of $50.34. The firm has a market cap of $596.66 million, a P/E ratio of -8.60 and a beta of 3.00. The company’s 50-day moving average price is $24.12 and its two-hundred day moving average price is $22.76.

Veritone (NASDAQ:VERI) last released its earnings results on Tuesday, November 9th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.28. Veritone had a negative net margin of 87.19% and a negative return on equity of 74.18%. The firm had revenue of $22.66 million for the quarter, compared to analyst estimates of $22.00 million. During the same period last year, the firm earned ($0.40) EPS. As a group, equities research analysts forecast that Veritone will post -1.63 EPS for the current fiscal year.

In related news, President Ryan Steelberg purchased 2,763 shares of the firm’s stock in a transaction that occurred on Friday, November 19th. The shares were bought at an average cost of $28.47 per share, with a total value of $78,662.61. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 28.90% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD grew its holdings in Veritone by 3.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 18,087 shares of the company’s stock worth $356,000 after acquiring an additional 599 shares during the last quarter. Swiss National Bank grew its holdings in Veritone by 1.5% during the 3rd quarter. Swiss National Bank now owns 61,400 shares of the company’s stock worth $1,467,000 after acquiring an additional 900 shares during the last quarter. Federated Hermes Inc. grew its holdings in Veritone by 0.6% during the 2nd quarter. Federated Hermes Inc. now owns 165,852 shares of the company’s stock worth $3,269,000 after acquiring an additional 949 shares during the last quarter. Advisor Group Holdings Inc. grew its holdings in Veritone by 28.0% during the 3rd quarter. Advisor Group Holdings Inc. now owns 4,576 shares of the company’s stock worth $109,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in Veritone by 11.3% during the 2nd quarter. Invesco Ltd. now owns 10,155 shares of the company’s stock worth $201,000 after acquiring an additional 1,029 shares during the last quarter. 46.00% of the stock is currently owned by hedge funds and other institutional investors.

About Veritone

Veritone, Inc engages in the provision of artificial intelligence (AI) computing solutions to media and entertainment, government, and legal and compliance industries. It operates through the following segments: Advertising; aiWARE SaaS Solutions; and aiWARE Content Licensing and Media Services. The Advertising segment places advertisements for clients, primarily with radio broadcasters, podcasters and digital media producers.

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