Veritone (NASDAQ:VERI) Stock Rating Upgraded by UBS Group

Veritone (NASDAQ:VERI) was upgraded by UBS Group from a “sell” rating to a “neutral” rating in a research report issued on Wednesday, MarketBeat reports. The brokerage presently has a $3.50 price target on the stock. UBS Group’s target price would suggest a potential upside of 7.69% from the stock’s current price.

Veritone Price Performance

NASDAQ VERI opened at $3.25 on Wednesday. The company has a market cap of $122.79 million, a PE ratio of -1.45 and a beta of 3.30. Veritone has a 52 week low of $1.48 and a 52 week high of $7.76. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 9.02. The firm’s 50-day simple moving average is $3.58 and its two-hundred day simple moving average is $3.20.

Veritone (NASDAQ:VERI) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.24) EPS for the quarter. The business 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%.

Institutional Investors Weigh In On Veritone

Several institutional investors have recently added to or reduced their stakes in VERI. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Veritone during the first quarter valued at about $65,000. State Board of Administration of Florida Retirement System bought a new stake in shares of Veritone during the first quarter valued at about $88,000. Vanguard Group Inc. increased its position in shares of Veritone by 5.4% during the first quarter. Vanguard Group Inc. now owns 2,703,417 shares of the company’s stock valued at $14,220,000 after buying an additional 138,194 shares during the period. Summit Securities Group LLC bought a new stake in shares of Veritone during the second quarter valued at about $58,000. Finally, Bfsg LLC increased its position in shares of Veritone by 31.6% in the second quarter. Bfsg LLC now owns 20,675 shares of the company’s stock worth $47,000 after purchasing an additional 4,960 shares during the last quarter. 39.18% of the stock is owned by hedge funds and other institutional investors.

About Veritone

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.