The stock of Veritone, Inc. (NASDAQ:VERI) is now priced at $8.27 and the shares are -0.37 points down or -4.28% lower compared to its previous closing price of $8.64. The stock had 1.055 million contracts set over the past session. VERI shares’ daily volume is compared to its average trading volume at 1.278 million shares. However, it has a float of 22.31 million and although its performance was -9.81% over the week, it’s one to watch. Analysts have given the VERI stock a yearly average price target of $14.2 per share. It means the stock’s upside potential is 71.7% with the VERI share price recently placing at $8.04 to $8.6686. However, some brokerage firms have priced the stock below the average, including one that has called $6.
The shorts are climbing into the Veritone, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the VERI shares have risen. Short interest in the stock represents just 16.55% of its float, but the volume has raised by 255381. The volume of shorted shares rised to 3.692 million from 3.436 million shares over the last two weeks. The average intraday trading volume has been 766930 shares, which means that days to cover moved to roughly 4.813533.
In the last trading session, Veritone, Inc. (NASDAQ:VERI) dropped by -$0.9 over the week and lost -$4.2 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $19.67. The stock recorded its established 52-week high on 06/23/20.
Since 03/16/20, the stock has traded to a low of $1.22 at 577.87%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Veritone, Inc.’s two-week RSI is 25.89. This suggests that the stock is overbought at the moment and that VERI shares’ price movement remains not stable. The stochastic readings are equally revealing at 5.04% meaning the VERI share price is currently in overbought territory.
The technical chart shows that the VERI stock will likely settle at between $8.61 and $8.95 per share. However, if the stock dips below $7.98, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $7.7.
Currently, the stock is trading in the red of MACD, with a reading of -0.88. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Craig Hallum cut their recommendation for VERI from Hold to Sell in July 06 review while maintai their target price of $6. Craig Hallum analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $14 to $3 in a flash note released to investors on November 07. JMP Securities analysts see the stock as Mkt Outperform when the analysts initiated the share price coverage on April 03, placing it at $10.
The average rating for the VERI equity is 2.4 and is currently gathering a bullish momentum. Of 5 analysts tracking Veritone, Inc. polled by Reuters, 0 rated VERI as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 40.3. Veritone, Inc. has its P/E ratio at 5.7, which means that the stock is currently trading at a discount relative to the 13.6 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Veritone, Inc. (NASDAQ:VERI) will decrease by about -99.89%, which will see them reach $14.33 million. The company’s full-year revenues are, however, expected to increase by about 9.67%, up from $49.65 million to $54.45 million. VERI’s expected adjusted earnings should drop almost -53.49% to end up at -$0.2 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -49.4% to record -$0.84/share.