Veritone (NASDAQ:VERI) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Veritone from “strong sell” to “sell,” while the broader analyst consensus remains “Hold,” with an average price target of $7.38.
• Veritone shares opened at $1.09 and have fallen sharply from their 52-week high of $9.42; the company has a market capitalization of approximately $101.3 million.
• Institutional investors own 39.18% of Veritone, with several funds—including State of Wyoming, SummitTX Capital and Jefferies—recently initiating positions.

Veritone (NASDAQ:VERI - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a research note issued to investors on Saturday.

Several other analysts also recently weighed in on the company. Weiss Ratings downgraded Veritone from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, July 15th. D. Boral Capital reissued a "buy" rating and issued a $8.00 price target on shares of Veritone in a research note on Wednesday, April 15th. Finally, UBS Group started coverage on Veritone in a report on Monday, June 1st. They set a "neutral" rating and a $2.50 price target on the stock. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Veritone currently has an average rating of "Hold" and an average target price of $7.38.

Veritone Trading Up 3.8%

Shares of NASDAQ:VERI opened at $1.09 on Friday. The firm's 50 day moving average is $1.42 and its two-hundred day moving average is $2.31. The firm has a market capitalization of $101.32 million, a P/E ratio of -2.37 and a beta of 2.28. Veritone has a 52 week low of $0.98 and a 52 week high of $9.42.

Hedge Funds Weigh In On Veritone

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VERI. State of Wyoming acquired a new position in shares of Veritone during the 4th quarter valued at $25,000. SummitTX Capital L.P. bought a new position in Veritone during the first quarter valued at about $26,000. Franklin Resources Inc. acquired a new position in Veritone during the third quarter worth about $50,000. Sherbrooke Park Advisers LLC acquired a new position in Veritone during the third quarter worth about $80,000. Finally, Jefferies Financial Group Inc. acquired a new position in Veritone during the third quarter worth about $82,000. 39.18% of the stock is owned by 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.