Veritone (NASDAQ:VERI) Stock Price Crosses Below 50 Day Moving Average - Here's Why

Key Points

• Veritone shares fell below their 50-day moving average, trading as low as $0.98 versus a 50-day average of $1.46, with the latest price near $1.00.
• Analyst sentiment is mixed but leans cautious: recent firms issued “sell” and “strong sell” downgrades, while UBS began coverage with a “neutral” rating. The overall consensus is “Hold,” with an average price target of $7.38.
• Veritone has a market capitalization of approximately $92.85 million, and hedge funds and other institutional investors own 39.18% of its shares; several institutions recently initiated positions.

Veritone, Inc. (NASDAQ:VERI - Get Free Report) shares crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $1.46 and traded as low as $0.98. Veritone shares last traded at $0.9989, with a volume of 3,370,624 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Weiss Ratings cut Veritone from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, July 15th. Wall Street Zen lowered Veritone from a "sell" rating to a "strong sell" rating in a research report on Sunday, July 12th. UBS Group started coverage on shares of Veritone in a research report on Monday, June 1st. They issued a "neutral" rating and a $2.50 target price on the stock. Finally, D. Boral Capital reiterated a "buy" rating and issued a $8.00 price target on shares of Veritone in a research note on Wednesday, April 15th. Three equities research 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 data from MarketBeat, the company has an average rating of "Hold" and an average target price of $7.38.

Veritone Price Performance

The business has a 50 day moving average price of $1.46 and a 200 day moving average price of $2.34. The stock has a market capitalization of $92.85 million, a PE ratio of -2.17 and a beta of 2.28.

Institutional Trading of Veritone

Several institutional investors have recently bought and sold shares of VERI. State of Wyoming bought a new stake in Veritone during the 4th quarter valued at about $25,000. SummitTX Capital L.P. bought a new position in shares of Veritone in the first quarter worth approximately $26,000. Franklin Resources Inc. purchased a new stake in shares of Veritone during the third quarter valued at approximately $50,000. Sherbrooke Park Advisers LLC purchased a new stake in shares of Veritone during the third quarter valued at approximately $80,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Veritone during the third quarter valued at approximately $82,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source