$38.09 Million in Sales Expected for Veritone, Inc. (NASDAQ:VERI) This Quarter

Posted by on May 28th, 2022

Wall Street analysts expect Veritone, Inc. (NASDAQ:VERI – Get Rating) to announce sales of $38.09 million for the current quarter, according to Zacks. Three analysts have provided estimates for Veritone’s earnings, with the highest sales estimate coming in at $38.60 million and the lowest estimate coming in at $37.10 million. Veritone posted sales of $19.21 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 98.3%. The company is expected to issue its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Veritone will report full-year sales of $178.07 million for the current financial year, with estimates ranging from $170.70 million to $182.78 million. For the next financial year, analysts forecast that the company will post sales of $219.58 million, with estimates ranging from $204.90 million to $227.57 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that follow Veritone.

Veritone (NASDAQ:VERI – Get Rating) last released its quarterly earnings data on Thursday, March 3rd. The company reported ($0.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.42). Veritone had a negative return on equity of 84.40% and a negative net margin of 52.10%. The business had revenue of $55.15 million during the quarter, compared to analyst estimates of $44.65 million.

Several brokerages have recently weighed in on VERI. Bank of America began coverage on shares of Veritone in a research note on Wednesday, February 9th. They issued a “buy” rating and a $22.00 target price for the company. Stifel Nicolaus decreased their target price on shares of Veritone from $25.00 to $23.00 and set a “hold” rating for the company in a research note on Friday, March 4th. Northland Securities decreased their target price on shares of Veritone from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Friday, March 4th. UBS Group began coverage on shares of Veritone in a research note on Tuesday, April 12th. They issued a “neutral” rating and a $18.00 target price for the company. Finally, Craig Hallum reduced their price objective on shares of Veritone from $19.00 to $12.00 in a research note on Wednesday, May 4th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $23.00.

In other Veritone news, Director G Louis Graziadio III purchased 9,000 shares of Veritone stock in a transaction dated Friday, March 11th. The shares were bought at an average cost of $15.76 per share, for a total transaction of $141,840.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have acquired a total of 12,500 shares of company stock worth $187,055 over the last quarter. 28.90% of the stock is currently owned by insiders.

Several institutional investors have recently bought and sold shares of VERI. Invesco Ltd. lifted its position in shares of Veritone by 11.3% in the 2nd quarter. Invesco Ltd. now owns 10,155 shares of the company’s stock worth $201,000 after buying an additional 1,029 shares during the last quarter. Morgan Stanley increased its holdings in shares of Veritone by 47.3% in the 2nd quarter. Morgan Stanley now owns 447,024 shares of the company’s stock worth $8,811,000 after acquiring an additional 143,509 shares during the period. Advisor Group Holdings Inc. increased its holdings in shares of Veritone by 28.0% in the 3rd quarter. Advisor Group Holdings Inc. now owns 4,576 shares of the company’s stock worth $109,000 after acquiring an additional 1,000 shares during the period. Barclays PLC increased its holdings in shares of Veritone by 222.9% in the 3rd quarter. Barclays PLC now owns 11,608 shares of the company’s stock worth $277,000 after acquiring an additional 8,013 shares during the period. Finally, Citigroup Inc. increased its holdings in shares of Veritone by 57.4% in the 3rd quarter. Citigroup Inc. now owns 6,807 shares of the company’s stock worth $163,000 after acquiring an additional 2,481 shares during the period. Institutional investors own 49.82% of the company’s stock.

Shares of VERI stock opened at $8.27 on Friday. The company has a market capitalization of $298.28 million, a PE ratio of -4.18 and a beta of 3.17. The firm has a fifty day simple moving average of $13.14 and a 200-day simple moving average of $17.74. The company has a current ratio of 2.03, a quick ratio of 2.03 and a debt-to-equity ratio of 3.49. Veritone has a twelve month low of $7.14 and a twelve month high of $37.14.

About Veritone (Get Rating)

Veritone, Inc, together with its subsidiaries, provides artificial intelligence (AI) computing solutions in the United States and the United Kingdom. It develops and operates aiWARE platform, an AI operating system that uses machine learning algorithms or AI models, such as perception, prediction, and problem solving and optimization, as well as cognitive processes, including transcription, language translation, face detection and recognition, object detection and recognition, logo recognition, sentiment analysis, text keyword/topic analysis, audio/video fingerprinting, geolocation, visual moderation, and optical character recognition to reveal valuable insights from vast amounts of structured and unstructured data.

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