Roth Capital Thinks Veritone Inc’s Stock is Going to Recover


Roth Capital analyst Darren Aftahi maintained a Buy rating on Veritone Inc (VERI) today and set a price target of $15. The company’s shares opened today at $7.96, close to its 52-week low of $4.96.

Aftahi noted:

“We continue to look for expansion of VERI’s platform in new product use cases and cash burn mitigation as catalysts to drive shares higher. Apis Capital proposes deal to acquire VERI for ~$10.26/share; we see a deal as unlikely for now. Management’s private equity fund (Apis Ventures) announced that it has submitted an all-cash offer to acquire VERI for ~$10.26/share, representing a ~82% premium to its 12/7/18 closing price and valuing VERI’s equity at ~$200M. Apis filed a 13D this morning that it owned ~5% of shares as of 12/4/18, when the offer was sent to VERI’s BOD, but has not heard back from VERI since. However, we would caveat that the vast majority of its ownership is in the form of call options recently purchased.”

According to TipRanks.com, Aftahi is a 5-star analyst with an average return of 9.1% and a 49.5% success rate. Aftahi covers the Technology sector, focusing on stocks such as Digital Turbine Inc, The Meet Group Inc, and Mitek Systems Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Veritone Inc with a $12 average price target.

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Based on Veritone Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $15.94 million. In comparison, last year the company had a GAAP net loss of $19.37 million.

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Veritone, Inc. engages in the development of cloud-based artificial intelligence media software. It provides a cloud-based solution available for media professionals to capture, index, search, and extend broadcast and digital content. Its products include content management, analytics, search and discovery, and share and extend.

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