An activity update, along with a new bullish note from an analyst, added some real momentum to the stock.
News of a new strategic partnership and an analyst’s price target increase helped boost the stock’s stock. Veritone (TRUE +0.55%) over the last few days. According to data compiled by S&P Global Market IntelligenceShares of the enterprise artificial intelligence (AI) solutions provider are up nearly 26% in value since the start of the week Thursday evening.
Business on the limit
Veritone revealed the partnership before the market opened on Thursday. The company has revealed it is partnering with edge computing specialist Armada to deliver next-generation data offerings to enterprise customers.
Image source: Getty Images.
In Veritone’s words, the two companies will collaborate to “deliver the industry’s first fully integrated enterprise edge data fabric capable of ingesting high volumes of field audio, video, drone and sensor feeds – even in disconnected environments – and transforming them into actionable insights, operational workflows and monetizable digital assets in real time.”
Veritone added that its and Armada’s solutions will cover the entire lifecycle of critical data and appeal to a very broad range of public and private organizations.
The company has not provided any financial details about the Armada partnership, nor has it released estimates on how the tie-up could affect its fundamentals.
Today’s change
(0.55%) $0.03
Current price
$5.49
Key Data Points
Market capitalization
1 billion dollars
Daily scope
$5.32 -$5.52
52 week range
$1.22 -$9.42
Volume
4.3 million
Average flight
7.8 million
Gross margin
39.70%
Dividend yield
N / A
A bull gives the stock a boost
Separately, on Tuesday, Needham analyst Joshua Reilly reiterated his bullish view on Veritone stock: he currently rates it a buy at a price target of $10 per share. According to reports, what Reilly would take away from the company’s Virtual AI and Data Economy Forum is that it differentiates itself through data tokenization. He also believes the company should be successful in licensing data to hyperscalers.
Personally, I accept the argument that Veritone has significant potential. Still, I would be hesitant to jump into its stock, because in my opinion it has yet to prove that it can shake its habit of posting fairly large bottom-line losses.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the securities mentioned. The Motley Fool has a disclosure policy.
