Veritone, Inc. (NASDAQ:VERI) Sees Significant Decline in Short Interest

Key Points

• Veritone, Inc.'s short interest declined by 25.9% in August, with 4.23 million shares shorted, representing approximately 8.9% of the company's stock.
• Analysts have a consensus rating of "Buy" for Veritone, with a recent price target of $6.00 after being upgraded to a "strong-buy" rating.
• Institutional investors hold 39.18% of Veritone's stock, with several large investors increasing their stakes significantly in recent quarters.

Veritone, Inc. (NASDAQ:VERI - Get Free Report) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totaling 4,230,000 shares, a drop of 25.9% from the August 15th total of 5,710,000 shares. Based on an average trading volume of 2,770,000 shares, the short-interest ratio is currently 1.5 days. Approximately 8.9% of the shares of the stock are short sold. Approximately 8.9% of the shares of the stock are short sold. Based on an average trading volume of 2,770,000 shares, the short-interest ratio is currently 1.5 days.

Veritone Trading Up 28.0%

NASDAQ VERI traded up $1.17 during mid-day trading on Friday, reaching $5.35. 16,133,785 shares of the stock were exchanged, compared to its average volume of 5,395,160. Veritone has a 1-year low of $1.22 and a 1-year high of $5.64. The business's fifty day simple moving average is $2.78 and its 200 day simple moving average is $2.23. The stock has a market capitalization of $316.56 million, a PE ratio of -6.45 and a beta of 3.05. The company has a debt-to-equity ratio of 89.57, a quick ratio of 0.89 and a current ratio of 0.89.

Hedge Funds Weigh In On Veritone

Large investors have recently bought and sold shares of the stock. NBZ Investment Advisors LLC purchased a new position in Veritone during the first quarter worth approximately $86,000. Squarepoint Ops LLC raised its stake in Veritone by 39.6% during the fourth quarter. Squarepoint Ops LLC now owns 43,850 shares of the company's stock worth $144,000 after purchasing an additional 12,435 shares during the period. Northern Trust Corp raised its stake in Veritone by 24.2% during the fourth quarter. Northern Trust Corp now owns 146,105 shares of the company's stock worth $479,000 after purchasing an additional 28,510 shares during the period. OMERS ADMINISTRATION Corp purchased a new position in Veritone during the first quarter worth approximately $315,000. Finally, Jane Street Group LLC purchased a new position in Veritone during the fourth quarter worth approximately $130,000. Hedge funds and other institutional investors own 39.18% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on VERI shares. D Boral Capital raised shares of Veritone to a "strong-buy" rating in a research note on Tuesday, September 2nd. D. Boral Capital reaffirmed a "buy" rating and set a $6.00 price objective on shares of Veritone in a research report on Tuesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $5.00.

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.