Veritone, Inc. (NASDAQ:VERI) Short Interest Up 6,223.0% in July

Key Points

• Short interest in Veritone, Inc. (NASDAQ:VERI) surged by 6,223.0% in July, reaching a total of approximately 3.68 million shares compared to just 58,200 shares at the end of June.
• Multiple hedge funds have recently adjusted their positions in Veritone, with a collective ownership by institutional investors at 39.18% of the stock.
• Despite a decrease of 4.3% in VERI stock price on a recent trading day, analysts have mixed opinions, with UBS lowering its price target to $2.00 while D. Boral Capital maintains a "buy" rating with a target of $4.00.

Veritone, Inc. (NASDAQ:VERI - Get Free Report) saw a large increase in short interest in July. As of July 15th, there was short interest totaling 3,680,000 shares, anincreaseof6,223.0% from the June 30th total of 58,200 shares. Based on an average daily volume of 1,440,000 shares, the short-interest ratio is currently 2.6 days. Based on an average daily volume of 1,440,000 shares, the short-interest ratio is currently 2.6 days.

Institutional Trading of Veritone

A number of hedge funds have recently made changes to their positions in the stock. Ground Swell Capital LLC purchased a new stake in shares of Veritone in the second quarter worth approximately $27,000. Freedom Investment Management Inc. raised its position in Veritone by 6.3% during the second quarter. Freedom Investment Management Inc. now owns 117,572 shares of the company's stock valued at $148,000 after acquiring an additional 6,954 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new position in Veritone during the first quarter valued at approximately $315,000. Virtu Financial LLC bought a new position in Veritone during the first quarter valued at approximately $30,000. Finally, NBZ Investment Advisors LLC bought a new position in Veritone during the first quarter valued at approximately $86,000. 39.18% of the stock is owned by hedge funds and other institutional investors.

Veritone Trading Down 4.3%

VERI stock traded down $0.10 during mid-day trading on Friday, reaching $2.13. 949,345 shares of the stock traded hands, compared to its average volume of 1,064,615. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 7.50. Veritone has a 52-week low of $1.22 and a 52-week high of $5.64. The company has a market cap of $101.04 million, a P/E ratio of -2.41 and a beta of 2.64. The stock's fifty day moving average is $1.70 and its 200-day moving average is $2.24.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VERI. UBS Group reduced their price objective on shares of Veritone from $3.50 to $2.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. D. Boral Capital restated a "buy" rating and set a $4.00 price objective on shares of Veritone in a research report on Tuesday, July 15th.

About Veritone

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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