Veritone (NASDAQ:VERI) Stock Price Crosses Below Fifty Day Moving Average - Should You Sell?

Key Points

• Veritone shares fell below their 50-day moving average, trading as low as $0.7555 and last changing hands at $0.7937, versus a 50-day average of $1.14.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $6.12 price target, while individual targets range from $2.50 to $5.00.
• The company reported an in-line quarterly loss of $0.11 per share, but revenue of $24.26 million missed expectations; profitability remained weak, with a negative net margin of 111.90%. CEO Ryan Steelberg separately bought 148,810 shares at $0.85 each.

Veritone, Inc. (NASDAQ:VERI - Get Free Report) shares crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $1.14 and traded as low as $0.7555. Veritone shares last traded at $0.7937, with a volume of 2,684,549 shares changing hands.

Analysts Set New Price Targets

Several research firms have commented on VERI. Wall Street Zen raised shares of Veritone from a "strong sell" rating to a "sell" rating in a research note on Saturday, August 1st. UBS Group started coverage on shares of Veritone in a research note on Monday, June 1st. They issued a "neutral" rating and a $2.50 price target for the company. Needham & Company LLC decreased their price objective on shares of Veritone to $5.00 and set a "buy" rating for the company in a report on Friday, August 14th. Finally, Weiss Ratings lowered shares of Veritone from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, August 25th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Veritone has a consensus rating of "Hold" and a consensus price target of $6.12.

Veritone Price Performance

The company has a market capitalization of $79.74 million, a price-to-earnings ratio of -2.09 and a beta of 2.29. The firm's fifty day simple moving average is $1.14 and its 200 day simple moving average is $1.88.

Veritone (NASDAQ:VERI - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.11) EPS for the quarter, hitting the consensus estimate of ($0.11). The business had revenue of $24.26 million during the quarter, compared to analysts' expectations of $28.29 million. Veritone had a negative return on equity of 159.15% and a negative net margin of 111.90%.

Insider Buying and Selling

In related news, CEO Ryan Steelberg acquired 148,810 shares of the company's stock in a transaction on Friday, August 21st. The shares were purchased at an average price of $0.85 per share, for a total transaction of $126,488.50. Following the purchase, the chief executive officer owned 730,284 shares in the company, valued at $620,741.40. This represents a 25.59% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.37% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State of Wyoming acquired a new position in Veritone in the 4th quarter worth about $25,000. SummitTX Capital L.P. acquired a new stake in shares of Veritone during the 1st quarter valued at about $26,000. Citizens Financial Group Inc. RI bought a new stake in shares of Veritone in the 2nd quarter valued at approximately $37,000. Two Sigma Securities LLC bought a new stake in shares of Veritone in the 2nd quarter valued at approximately $38,000. Finally, Franklin Resources Inc. acquired a new position in Veritone in the third quarter worth approximately $50,000. Hedge funds and other institutional investors own 39.18% of the company's stock.

Veritone Company Profile

Veritone, Inc NASDAQ: VERI is a technology company specializing in artificial intelligence solutions for media, legal, government and enterprise applications. Its flagship offering, aiWARE™, is a cloud-based operating system that orchestrates and automates an ecosystem of machine learning models to transform unstructured data—such as audio, video and text—into actionable intelligence. By providing a modular AI environment, Veritone enables organizations to deploy, manage and scale cognitive engines that address diverse use cases from transcription and translation to sentiment analysis and facial recognition.

Through aiWARE and its suite of purpose-built applications, the company delivers turnkey solutions for content licensing, media monitoring, eDiscovery, compliance and public safety.

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