Ryan Steelberg Buys 148,810 Shares of Veritone (NASDAQ:VERI) Stock

Key Points

• CEO Ryan Steelberg purchased 148,810 Veritone shares at an average price of $0.85, investing approximately $126,489 and increasing his direct ownership by 25.59% to 730,284 shares.
• Veritone shares traded near $0.86, close to their 52-week low of $0.80 and well below the 52-week high of $9.42. The company reported an adjusted loss of $0.11 per share and quarterly revenue of $24.26 million, below expectations.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $6.12; institutional investors own approximately 39.18% of the company.

Veritone, Inc. (NASDAQ:VERI - Get Free Report) CEO Ryan Steelberg bought 148,810 shares of Veritone stock in a transaction dated Friday, August 21st. The stock was acquired at an average cost of $0.85 per share, for a total transaction of $126,488.50. Following the completion of the transaction, the chief executive officer directly owned 730,284 shares in the company, valued at approximately $620,741.40. This trade represents a 25.59% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Veritone Stock Performance

Shares of Veritone stock traded down $0.00 during trading on Monday, hitting $0.86. The company's stock had a trading volume of 3,901,326 shares, compared to its average volume of 2,839,878. Veritone, Inc. has a 52 week low of $0.80 and a 52 week high of $9.42. The company has a market capitalization of $86.01 million, a PE ratio of -2.25 and a beta of 2.29. The company has a fifty day simple moving average of $1.22 and a two-hundred day simple moving average of $1.99.

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

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Needham & Company LLC cut their price objective on shares of Veritone to $5.00 and set a "buy" rating on the stock in a research report on Friday, August 14th. UBS Group assumed coverage on shares of Veritone in a research note on Monday, June 1st. They issued a "neutral" rating and a $2.50 target price on the stock. Weiss Ratings upgraded shares of Veritone from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Finally, Wall Street Zen raised shares of Veritone from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 1st. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Veritone currently has a consensus rating of "Hold" and an average price target of $6.12.

Institutional Investors Weigh In On Veritone

Several institutional investors have recently modified their holdings of VERI. BlackRock Inc. purchased a new position in shares of Veritone during the second quarter valued at approximately $9,003,000. Banta Asset Management LP purchased a new stake in Veritone in the fourth quarter worth approximately $12,268,000. Cooper Creek Partners Management LLC purchased a new stake in Veritone in the third quarter worth approximately $11,718,000. Marshall Wace LLP grew its position in Veritone by 16,314.3% in the 3rd quarter. Marshall Wace LLP now owns 1,676,397 shares of the company's stock worth $8,080,000 after purchasing an additional 1,666,184 shares during the period. Finally, Vanguard Group Inc. raised its stake in Veritone by 63.1% during the 3rd quarter. Vanguard Group Inc. now owns 2,754,165 shares of the company's stock valued at $13,275,000 after buying an additional 1,065,460 shares during the last quarter. 39.18% of the stock is owned by hedge funds and other institutional investors.

About Veritone

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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