Banta Asset Management LP recently announced the acquisition of new stake in Veritone Inc. (NASDAQ:VERI). The institutional investor has increased its shareholding in the Technology company by 41.66% to 2.81 million shares with purchase of 0.83 million shares. This fresh investment now brings its stake to 10.35% valued currently at $31.76 million. In addition, BlackRock Fund Advisors raised its holdings by 1.05 million to 1.42 million shares. And The Vanguard Group, Inc. has lifted its position by 56.73% or 0.45 million shares – to 1.24 million shares.
With over 1.05 million Veritone Inc. (VERI) shares trading Monday and a closing price of $8.27 on the day, the dollar volume was approximately $8.72 million. The shares have shown a negative weekly performance of -9.81% and its price on 08/31/20 lost nearly -4.28%. Currently, there are 27.12M common shares owned by the public and among those 22.31M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for VERI have a consensus price objective of $14.20. The analysts have set the share’s price value over the next 12 months at a high of $18.00 and a low of $6.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Veritone Inc. stock is 2.40 for the next 12 months. The average price target is 41.76% above its last price level and an upside to the estimated low will see the stock lose -37.83% over that period. But an upside of 54.06% will see the stock hit the forecast high price target while mean target price for the stock is $15.00.
Insiders at the company have transacted a total of 17 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 871,203 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 3,355,387 shares.
The top 3 mutual fund holders in Veritone Inc. are Vanguard Total Stock Market Index, iShares Russell 2000 ETF, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 0.64 million shares of the company’s stock, all valued at over $7.24 million. iShares Russell 2000 ETF sold 22372.0 shares to see its total holdings shrink to 0.48 million shares valued at over $5.43 million and representing 1.77% of the shares outstanding. Vanguard Extended Market Index Fu sold 741.0 shares to bring its total holdings to over 0.3 million shares at a value of $3.41 million. Vanguard Extended Market Index Fu now owns shares totaling to 1.11% of the shares outstanding.
Shares of Veritone Inc. (NASDAQ: VERI) opened at $8.56, down -$0.08 from a prior closing price of $8.64. However, the script later closed the day at $8.27, down -4.28%. The company’s stock has a 5-day price change of -9.81% and -14.74% over the past three months. VERI shares are trading 232.13% year to date (YTD), with the 12-month market performance up to 82.16% higher. It has a 12-month low price of $1.22 and touched a high of $19.67 over the same period. Currently, 1.05 million shares have been traded, compared to an average intraday trading volume of 1.27 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -24.52%, -34.18%, and 30.53% respectively.
Institutional ownership of Veritone Inc. (NASDAQ: VERI) shares accounts for 35.00% of the company’s 27.12M shares outstanding. Mutual fund holders own 24.39%, while other institutional holders and individual stakeholders account for 36.34% and 11.39% respectively.
It has a market capitalization of $233.30M. The earnings-per-share (ttm) stands at -$2.15. Price movements for the stock have been influenced by the stock’s volatility, which stands at 7.21% over the week and 7.96% over the month.
Analysts forecast that Veritone Inc. (VERI) will achieve an EPS of -$0.2 for the current quarter, -$0.19 for the next quarter and -$0.66 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.2 while analysts give the company a high EPS estimate of -$0.2. Comparatively, EPS for the current quarter was -$0.43 a year ago. Earnings per share for the fiscal year are expected to increase by 18.10%, and 21.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Veritone Inc. (VERI) as a “Moderate Buy” at a consensus score of 2.40. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 5 advise that investors “hold,” and 1 rated it as a “Sell.”
Looking at the support for the VERI, a number of firms have released research notes about the stock. Craig Hallum stated their Sell rating for the stock in a research note on July 06, 2020, with the firm’s price target at $6. Craig Hallum coverage for the Veritone Inc. (VERI) stock in a research note released on November 07, 2019 offered a Hold rating with a price target of $3. JMP Securities was of a view on April 03, 2019 that the stock is Mkt Outperform, while B. Riley FBR gave the stock Neutral rating on November 13, 2018, issuing a price target of $8- $9. B. Riley FBR Inc. on their part issued Sell rating on February 27, 2018.