What's Going On With Veritone Stock?

Veritone, Inc. VERI shares are trading higher Thursday. The company reported better-than-expected fourth-quarter revenue results and issued guidance earlier in the week. 

The Details:

On Tuesday, the company reported quarterly losses of 16 cents per share and quarterly sales of $34.197 million which beat the analyst consensus estimate of $33.795 million. 

“I am pleased with our performance in the fourth quarter, and extremely excited about our prospects for 2024. For the balance of the past year, we executed and progressed against the strategic initiatives we set in motion at the beginning of 2023, continuing through the first quarter of 2024, which have resulted in a series of transformative actions, including the execution of significant cost reductions and the realignment of our organization," said Ryan Steelberg, CEO of Veritone. 

Veritone issued guidance for first-quarter revenue in a range of $30.5 million to $31.5 million, versus the $31.42 million estimate. 

The company sees fiscal year 2024 revenue of between $134 million and $142 million, versus the $135.83 million estimate. 

"These actions, coupled with our large and diverse customer base, high gross margins and industry leading AI software and solutions, set Veritone on the path to accelerating profitability into the second half of 2024,” continued Steelberg.

“Looking to the year ahead, I am confident that our aiWARE-powered solutions, expertise in the core market verticals we serve and renewed sense of focus will position us to be stronger, more competitive and better aligned to capitalize on the opportunities presented by the dynamic AI market for years to come.” 

Following the earnings results, Roth MKM analyst Darren Aftahi maintained a Neutral rating on Veritone and raised the price target from $1.85 to $2.25.

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Will VERI Stock Go Up?

When trying to assess whether or not Veritone VERI will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $2.05 on Veritone. The Street high target is currently at $2.25 and the Street low target is $1.85. Of all the analysts covering Veritone, no one has positive ratings, 2 have neutral ratings and no one has negative ratings.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Veritone have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Veritone is 51.58% down year-to-date. The average analyst price target suggests the stock could have further downside ahead.

For a broad overview of everything you need to know about Veritone, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

VERI Price Action: According to Benzinga Pro, Veritone shares are up 13.6% at $2.46 at the time of publication.

Image: Steve Buissine from Pixabay