Veritone (NASDAQ:VERI) Issues Earnings Results

Veritone (NASDAQ:VERI) issued its quarterly earnings results on Tuesday. The company reported ($0.24) earnings per share (EPS) for the quarter, reports. Veritone had a negative return on equity of 227.97% and a negative net margin of 47.97%. The firm had revenue of $21.99 million for the quarter. Veritone updated its FY 2024 guidance to EPS and its FY 2025 guidance to EPS.

Veritone Stock Performance

Shares of VERI stock opened at $3.18 on Thursday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 9.02. Veritone has a 52 week low of $1.48 and a 52 week high of $7.76. The firm has a market capitalization of $121.09 million, a price-to-earnings ratio of -1.47 and a beta of 3.33. The stock has a fifty day moving average of $3.64 and a 200 day moving average of $3.16.

Analysts Set New Price Targets

Separately, UBS Group upgraded Veritone from a “sell” rating to a “neutral” rating and set a $3.50 target price for the company in a research report on Wednesday, October 30th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Point72 DIFC Ltd purchased a new stake in Veritone during the 2nd quarter valued at $42,000. Ground Swell Capital LLC bought a new stake in shares of Veritone during the second quarter valued at approximately $43,000. Bfsg LLC lifted its stake in 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 position in Veritone during the 2nd quarter valued at approximately $58,000. Finally, Citizens Financial Group Inc. RI bought a new stake in Veritone in the second quarter worth $62,000. Hedge funds and other institutional investors own 39.18% of the company’s stock.

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.