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

Key Points

• Needham & Company LLC has initiated coverage on Veritone (NASDAQ:VERI) with a buy rating and a price target of $10.00, indicating a potential upside of 78.57% from its current price.
• Recent analyst reports show a mixed sentiment on Veritone, with ratings ranging from strong buy to sell, leading to an average rating of "Moderate Buy" and an average price target of $6.60.
• Veritone operates in the AI solutions space with its proprietary aiWARE platform and currently has a market cap of $331.35 million, with significant position changes from various hedge funds in recent quarters.

Stock analysts at Needham & Company LLC initiated coverage on shares of Veritone (NASDAQ:VERI - Get Free Report) in a research report issued to clients and 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 suggests a potential upside of 78.57% from the stock's current price.

A number of other analysts have also recently issued reports on VERI. HC Wainwright increased their target price on Veritone from $6.00 to $9.00 and gave the stock a "buy" rating in a research note on Monday. D Boral Capital upgraded shares of Veritone to a "strong-buy" rating in a report on Tuesday, September 2nd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Veritone in a research report on Wednesday, October 8th. Wall Street Zen downgraded Veritone from a "hold" rating to a "sell" rating in a research note on Saturday, October 18th. Finally, D. Boral Capital reissued a "buy" rating on shares of Veritone in a research note on Wednesday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Veritone currently has an average rating of "Moderate Buy" and an average price target of $6.60.

Veritone Stock Performance

VERI stock opened at $5.60 on Thursday. The firm has a market cap of $331.35 million, a PE ratio of -6.75 and a beta of 3.23. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 89.57. The business's 50-day moving average price is $4.26 and its two-hundred day moving average price is $2.71. Veritone has a 1-year low of $1.22 and a 1-year high of $9.42.

Hedge Funds Weigh In On Veritone

Hedge funds have recently modified their holdings of the stock. Freedom Investment Management Inc. raised its stake in shares of Veritone by 6.3% during the 2nd quarter. Freedom Investment Management Inc. now owns 117,572 shares of the company's stock worth $148,000 after purchasing an additional 6,954 shares in the last quarter. Virtu Financial LLC acquired a new position in Veritone during the first quarter worth $30,000. Geode Capital Management LLC grew its position in shares of Veritone by 4.2% in the 2nd quarter. Geode Capital Management LLC now owns 480,842 shares of the company's stock valued at $606,000 after acquiring an additional 19,597 shares during the period. Ground Swell Capital LLC bought a new position in shares of Veritone in the 2nd quarter valued at about $27,000. Finally, Capital Advisors Inc. OK bought a new position in shares of Veritone in the 1st quarter valued at about $70,000. Institutional investors own 39.18% of the company's stock.

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.

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