Veritone (NASDAQ:VERI) Upgraded by UBS Group to “Neutral” Rating

UBS Group upgraded shares of Veritone (NASDAQ:VERI) from a sell rating to a neutral rating in a report released on Wednesday, MarketBeat Ratings reports. The brokerage currently has $3.50 price objective on the stock.

Veritone Stock Performance

VERI stock opened at $3.26 on Wednesday. The stock’s 50 day simple moving average is $3.58 and its 200 day simple moving average is $3.19. The stock has a market capitalization of $124.14 million, a PE ratio of -1.51 and a beta of 3.33. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 9.02. Veritone has a 12-month low of $1.48 and a 12-month high of $7.76.

Veritone (NASDAQ:VERI) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.24) earnings per share for the quarter. The firm had revenue of $30.99 million for the quarter. Veritone had a negative net margin of 42.56% and a negative return on equity of 222.47%.

Hedge Funds Weigh In On Veritone

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new stake in shares of Veritone in the 2nd quarter worth $42,000. Ground Swell Capital LLC purchased a new stake in shares of Veritone in the 2nd quarter worth $43,000. Bfsg LLC increased its stake in shares of Veritone by 31.6% in the 2nd quarter. Bfsg LLC now owns 20,675 shares of the company’s stock worth $47,000 after purchasing an additional 4,960 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Veritone in the 2nd quarter worth $58,000. Finally, Citizens Financial Group Inc. RI purchased a new stake in shares of Veritone in the 2nd quarter worth $62,000. 39.18% of the stock is owned by institutional investors.

Veritone Company Profile

Veritone, Inc, together with its subsidiaries, engages in the provision of artificial intelligence (AI) computing solutions and services in the United States, the United Kingdom, France, Australia, Israel, and India. It develops and operates aiWARE platform, an AI operating system, that uses machine learning algorithms or AI models designed to mimic human cognitive functions, such as perception, prediction, and problem solving and optimization, as well as enables users to transform unstructured data into structured data, and analyze and optimize data to drive business processes and insights.