Granahan Investment Management LLC grew its position in shares of Veritone, Inc. (NASDAQ:VERI – Get Rating) by 15.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 147,497 shares of the company's stock after purchasing an additional 19,294 shares during the quarter. Granahan Investment Management LLC owned 0.41% of Veritone worth $2,696,000 as of its most recent filing with the SEC.
Other hedge funds also recently modified their holdings of the company. Huntington National Bank acquired a new position in shares of Veritone in the 1st quarter worth $25,000. PNC Financial Services Group Inc. acquired a new position in shares of Veritone in the 1st quarter worth $43,000. Private Capital Group LLC acquired a new position in shares of Veritone in the 1st quarter worth $64,000. Ensign Peak Advisors Inc acquired a new position in shares of Veritone in the 4th quarter worth $87,000. Finally, Advisor Group Holdings Inc. grew its holdings in shares of Veritone by 115.7% in the 1st quarter. Advisor Group Holdings Inc. now owns 10,088 shares of the company's stock worth $184,000 after acquiring an additional 5,412 shares during the last quarter. 44.27% of the stock is currently owned by institutional investors and hedge funds.
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Analyst Upgrades and Downgrades
Separately, Bank of America cut Veritone from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $14.00 to $10.00 in a report on Wednesday, July 13th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $19.50.
Insider Activity at Veritone
In other news, Director G Louis Graziadio III acquired 5,000 shares of Veritone stock in a transaction that occurred on Thursday, August 18th. The stock was purchased at an average price of $7.48 per share, with a total value of $37,400.00. Following the completion of the transaction, the director now owns 157,054 shares in the company, valued at $1,174,763.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 27.20% of the company's stock.
Veritone Stock Performance
Shares of Veritone stock opened at $6.94 on Monday. The stock has a market cap of $250.78 million, a PE ratio of -4.13 and a beta of 3.01. The business has a fifty day simple moving average of $7.23 and a 200-day simple moving average of $10.35. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 2.79. Veritone, Inc. has a 12 month low of $5.72 and a 12 month high of $37.14.
Veritone (NASDAQ:VERI – Get Rating) last issued its earnings results on Tuesday, August 9th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.31. The business had revenue of $34.24 million during the quarter, compared to analysts' expectations of $37.72 million. Veritone had a negative return on equity of 72.24% and a negative net margin of 40.29%. On average, sell-side analysts anticipate that Veritone, Inc. will post -0.86 EPS for the current fiscal year.
Veritone Company Profile
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Veritone, Inc, together with its subsidiaries, provides artificial intelligence (AI) computing solutions in the United States and the United Kingdom. It develops and operates aiWARE platform, an AI operating system that uses machine learning algorithms or AI models, such as perception, prediction, and problem solving and optimization, as well as cognitive processes, including transcription, language translation, face detection and recognition, object detection and recognition, logo recognition, sentiment analysis, text keyword/topic analysis, audio/video fingerprinting, geolocation, visual moderation, and optical character recognition to reveal valuable insights from vast amounts of structured and unstructured data.
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