Veritone (NASDAQ:VERI) Trading Down 1.3% - Here's What Happened

Veritone, Inc. (NASDAQ:VERI - Get Free Report)'s share price traded down 1.3% during mid-day trading on Friday . The stock traded as low as $3.00 and last traded at $3.05. 548,478 shares changed hands during trading, a decline of 42% from the average session volume of 946,236 shares. The stock had previously closed at $3.09.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on VERI shares. UBS Group raised Veritone from a "sell" rating to a "neutral" rating and set a $3.50 price target for the company in a research note on Wednesday, October 30th. D. Boral Capital began coverage on shares of Veritone in a research report on Monday. They issued a "buy" rating and a $4.50 price objective on the stock.

Veritone Stock Performance

The stock has a 50-day simple moving average of $2.84 and a two-hundred day simple moving average of $3.15. The firm has a market cap of $138.62 million, a PE ratio of -1.60 and a beta of 3.15.

Insiders Place Their Bets

In other Veritone news, Director Chad Steelberg sold 504,657 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $2.52, for a total value of $1,271,735.64. Following the completion of the sale, the director now owns 31,861 shares in the company, valued at approximately $80,289.72. This represents a 94.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 26.60% of the company's stock.

Hedge Funds Weigh In On Veritone

Institutional investors have recently added to or reduced their stakes in the company. Private Management Group Inc. raised its holdings in Veritone by 18.6% during the 3rd quarter. Private Management Group Inc. now owns 2,891,845 shares of the company's stock valued at $10,382,000 after buying an additional 452,861 shares during the period. Renaissance Technologies LLC bought a new position in shares of Veritone during the 2nd quarter worth $811,000. GSA Capital Partners LLP increased its position in Veritone by 559.7% during the 3rd quarter. GSA Capital Partners LLP now owns 108,614 shares of the company's stock valued at $390,000 after purchasing an additional 92,150 shares during the period. Cubist Systematic Strategies LLC bought a new position in Veritone in the second quarter worth approximately $203,000. Finally, Vanguard Capital Wealth Advisors lifted its stake in shares of Veritone by 136.1% during the 3rd quarter. Vanguard Capital Wealth Advisors now owns 70,600 shares of the company's stock worth $253,000 after purchasing an additional 40,700 shares during the last quarter. 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.