Wall Street analysts expect that Veritone Inc (NASDAQ:VERI) will announce $9.51 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Veritone’s earnings. The highest sales estimate is $9.60 million and the lowest is $9.40 million. Veritone reported sales of $3.50 million in the same quarter last year, which indicates a positive year-over-year growth rate of 171.7%. The business is expected to announce its next quarterly earnings report on Monday, February 25th.
According to Zacks, analysts expect that Veritone will report full year sales of $25.62 million for the current financial year, with estimates ranging from $25.50 million to $25.70 million. For the next financial year, analysts expect that the company will report sales of $44.12 million, with estimates ranging from $41.93 million to $45.80 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Veritone.
Veritone (NASDAQ:VERI) last issued its quarterly earnings data on Monday, November 12th. The company reported ($0.86) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.78) by ($0.08). Veritone had a negative return on equity of 86.60% and a negative net margin of 286.28%. The company had revenue of $7.55 million for the quarter, compared to the consensus estimate of $6.03 million. During the same quarter last year, the business earned ($1.31) earnings per share. Veritone’s revenue was up 102.9% compared to the same quarter last year.
A number of brokerages have recently issued reports on VERI. Roth Capital lowered their price objective on Veritone from $27.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, August 14th. Zacks Investment Research downgraded Veritone from a “buy” rating to a “hold” rating in a report on Wednesday, October 24th. B. Riley upgraded Veritone from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $8.00 to $9.00 in a report on Tuesday, November 13th. Craig Hallum lowered their target price on Veritone from $22.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, November 14th. Finally, DA Davidson lowered their target price on Veritone to $12.00 and set a “buy” rating for the company in a report on Tuesday, November 13th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $14.88.
In other Veritone news, major shareholder Research Corp Acacia sold 1,500,000 shares of Veritone stock in a transaction that occurred on Thursday, November 29th. The stock was sold at an average price of $5.01, for a total value of $7,515,000.00. Following the completion of the sale, the insider now directly owns 1,619,520 shares in the company, valued at $8,113,795.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director G Louis Graziadio III bought 5,000 shares of the stock in a transaction on Wednesday, September 12th. The stock was acquired at an average price of $10.10 per share, with a total value of $50,500.00. Following the completion of the acquisition, the director now owns 98,308 shares of the company’s stock, valued at approximately $992,910.80. The disclosure for this purchase can be found here. Insiders own 37.00% of the company’s stock.
A number of institutional investors have recently made changes to their positions in VERI. UBS Group AG grew its stake in Veritone by 494.2% in the first quarter. UBS Group AG now owns 19,212 shares of the company’s stock valued at $267,000 after acquiring an additional 15,979 shares during the period. Bank of New York Mellon Corp grew its stake in Veritone by 32.1% in the second quarter. Bank of New York Mellon Corp now owns 23,679 shares of the company’s stock valued at $398,000 after acquiring an additional 5,754 shares during the period. Gladstone Capital Management LLP acquired a new stake in Veritone in the second quarter valued at approximately $2,253,000. Schwab Charles Investment Management Inc. acquired a new stake in Veritone in the second quarter valued at approximately $194,000. Finally, BlackRock Inc. grew its stake in Veritone by 107.0% in the second quarter. BlackRock Inc. now owns 447,618 shares of the company’s stock valued at $7,529,000 after acquiring an additional 231,376 shares during the period. 17.48% of the stock is owned by hedge funds and other institutional investors.
Shares of VERI opened at $5.63 on Friday. Veritone has a 1 year low of $4.95 and a 1 year high of $27.95. The stock has a market cap of $102.83 million, a PE ratio of -1.23 and a beta of 1.11.
Veritone Company Profile
Veritone, Inc provides artificial intelligence (AI) and computing solutions in the United States and the United Kingdom. It develops and operates aiWARE platform, an AI operating system that unlocks the power of cognitive computing to transform audio, video, and other unstructured data, as well as analyzes it in conjunction with structured data in an orchestrated and automated manner to generate actionable intelligence.
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