Veritone Inc (VERI: US)

Robert Hable 25 June 2020

Veritone Inc (VERI: US)

12-month performance: +121%
Insider activity: Bullish
Buying pattern: Purchases from President and Chairman/CEO
Recent news: Signed a deal with the US DOJ

Veritone is a US-based artificial intelligence (AI) company. Its AI platform, Veritone aiWARE™, is designed to help users generate insights from massive amounts of data across many cognitive capabilities at scale, in near real-time. The company is listed on the NASDAQ Global Market and currently has a market capitalisation of $499 million.


Veritone has issued a number of encouraging announcements in the last few months. On 12 May, the company advised that it had received a two-year Indefinite Delivery Indefinite Quantity (IDIQ) contract for its aiWARE Government platform from the US Department of Justice (DOJ). Then, on 27 May, the company announced a collaboration with Getty Images to simplify and streamline digital media asset management and accelerate content utilisation. More recently, on 16 June, the company announced a new agreement with Collab – the most-watched independent digital entertainment network – which will allow it to expand its content library and enhance availability of user-generated content for licensing and creative projects.

VERI-chart

What looks interesting here is the fact that on 15 June, both President Ryan Steelberg and Chairman and CEO Chad Steelberg purchased Veritone shares. The two insiders – who co-founded the company in 2014 – purchased 14,695 shares each at an average price of $13.57, spending a total of $399,000 on stock. Ryan also purchased $300,000 worth of VERI stock between 29 May and 5 June. As co-founders, these two insiders are likely to have an excellent understanding of Veritone’s future prospects. So, we see these recent insider purchases as a positive development

Disclaimer: Neither 2iQ Research GmbH nor its content providers are responsible for any damages or losses arising from any use of this information.

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