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

Veritone (NASDAQ:VERI) released its quarterly earnings results on Thursday. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.13), FiscalAI reports. The firm had revenue of $24.26 million for the quarter, compared to the consensus estimate of $28.29 million. Veritone had a negative net margin of 117.88% and a negative return on equity of 198.79%.

Veritone Trading Down 2.0%

NASDAQ:VERI traded down $0.03 during trading hours on Thursday, reaching $1.49. 4,743,256 shares of the company traded hands, compared to its average volume of 2,577,404. The business’s 50-day moving average price is $1.30 and its two-hundred day moving average price is $2.12. Veritone has a 1 year low of $0.98 and a 1 year high of $9.42. The stock has a market capitalization of $138.50 million, a P/E ratio of -3.24 and a beta of 2.29.

Hedge Funds Weigh In On Veritone

Large investors have recently modified their holdings of the stock. Inspire Investing LLC purchased a new stake in Veritone during the 4th quarter valued at about $472,000. Balyasny Asset Management L.P. bought a new position in shares of Veritone in the fourth quarter worth approximately $630,000. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Veritone during the fourth quarter valued at approximately $717,000. Jain Global LLC bought a new stake in shares of Veritone during the fourth quarter valued at approximately $122,000. Finally, Jump Financial LLC bought a new position in Veritone in the 4th quarter valued at approximately $469,000. Hedge funds and other institutional investors own 39.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. D. Boral Capital reiterated a “buy” rating and issued a $8.00 price objective on shares of Veritone in a report on Wednesday, April 15th. Weiss Ratings raised shares of Veritone from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. UBS Group assumed coverage on shares of Veritone in a research note on Monday, June 1st. They issued a “neutral” rating and a $2.50 price target for the company. Finally, Wall Street Zen raised shares of Veritone from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 1st. Three investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently 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.