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Traders Buy High Volume of Veritone Call Options (NASDAQ:VERI)

Veritone logo with Business Services background

Key Points

  • Veritone, Inc. saw a significant spike in trading activity, with investors purchasing 26,440 call options, marking a 708% increase over average daily volumes.
  • The stock price surged 62.0% on a recent trading day, reaching $8.85, with over 26 million shares changing hands compared to its usual trading volume.
  • Analysts have mixed views with one firm upgrading Veritone to a "strong-buy" rating while others maintain a "sell" or "hold" stance, contributing to an overall average rating of "Moderate Buy" and a price target of $5.00.
  • MarketBeat previews top five stocks to own in November.

Veritone, Inc. (NASDAQ:VERI - Get Free Report) was the target of unusually large options trading activity on Wednesday. Investors bought 26,440 call options on the stock. This is an increase of approximately 708% compared to the average daily volume of 3,272 call options.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. D Boral Capital raised shares of Veritone to a "strong-buy" rating in a research note on Tuesday, September 2nd. Weiss Ratings restated a "sell (e+)" rating on shares of Veritone in a report on Wednesday, October 8th. D. Boral Capital reaffirmed a "buy" rating on shares of Veritone in a report on Wednesday. Finally, Wall Street Zen raised shares of Veritone from a "sell" rating to a "hold" rating in a research note on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $5.00.

Read Our Latest Stock Report on Veritone

Veritone Stock Up 62.0%

VERI traded up $3.39 during trading on Wednesday, reaching $8.85. 26,018,693 shares of the stock traded hands, compared to its average volume of 2,367,224. The stock has a market cap of $523.36 million, a price-to-earnings ratio of -10.95 and a beta of 3.23. Veritone has a fifty-two week low of $1.22 and a fifty-two week high of $9.42. The company has a debt-to-equity ratio of 89.57, a current ratio of 0.89 and a quick ratio of 0.89. The stock's 50-day simple moving average is $3.80 and its two-hundred day simple moving average is $2.54.

Institutional Trading of Veritone

Several large investors have recently made changes to their positions in the stock. Connective Capital Management LLC bought a new stake in shares of Veritone during the 2nd quarter worth about $657,000. Geode Capital Management LLC boosted its stake in shares of Veritone by 4.2% during the 2nd quarter. Geode Capital Management LLC now owns 480,842 shares of the company's stock worth $606,000 after acquiring an additional 19,597 shares in the last quarter. OMERS ADMINISTRATION Corp acquired a new position in shares of Veritone during the 1st quarter worth about $315,000. Freedom Investment Management Inc. lifted its position 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 during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Veritone during the 1st quarter worth about $102,000. Institutional investors own 39.18% of the company's stock.

Veritone Company Profile

(Get Free Report)

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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