Veritone (NASDAQ:VERI) Releases Quarterly Earnings Results, Misses Estimates By $0.13 EPS

Key Points

• Veritone missed quarterly expectations: The company reported an adjusted loss of $0.24 per share, $0.13 worse than estimates, while revenue of $24.26 million fell short of the $28.29 million consensus.
• Shares declined 2% to $1.49 following the results. Veritone continues to report deeply negative profitability metrics, including a 117.88% net margin and 198.79% negative return on equity.
• Analyst sentiment remains mixed: The stock has an overall “Hold” rating and an average price target of $7.38, while institutional investors own 39.18% of outstanding shares.

Veritone (NASDAQ:VERI - Get Free Report) released its quarterly earnings data on Thursday. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.13), FiscalAI reports. The company 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 198.79% and a negative net margin of 117.88%.

Veritone Trading Down 2.0%

Shares of VERI stock traded down $0.03 during trading hours on Thursday, reaching $1.49. The company's stock had a trading volume of 4,743,256 shares, compared to its average volume of 2,577,404. The stock has a market capitalization of $138.50 million, a P/E ratio of -3.24 and a beta of 2.29. Veritone has a one year low of $0.98 and a one year high of $9.42. The firm's fifty day simple moving average is $1.30 and its 200 day simple moving average is $2.12.

Institutional Trading of Veritone

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VERI. State of Wyoming bought a new stake in Veritone in the fourth quarter valued at $25,000. Franklin Resources Inc. purchased a new stake in shares of Veritone in the 3rd quarter worth about $50,000. Sherbrooke Park Advisers LLC bought a new stake in shares of Veritone during the 3rd quarter valued at about $80,000. Jefferies Financial Group Inc. purchased a new position in shares of Veritone during the third quarter valued at about $82,000. Finally, EntryPoint Capital LLC purchased a new position in shares of Veritone during the fourth quarter valued at about $84,000. Hedge funds and other institutional investors own 39.18% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on VERI. Wall Street Zen upgraded Veritone from a "strong sell" rating to a "sell" rating in a research report on Saturday, August 1st. UBS Group began coverage on Veritone in a research note on Monday, June 1st. They set a "neutral" rating and a $2.50 price objective for the company. Weiss Ratings upgraded shares of Veritone from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday. Finally, D. Boral Capital reaffirmed a "buy" rating and issued a $8.00 target price on shares of Veritone in a research note on Wednesday, April 15th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $7.38.

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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