Veritone Stock Slammed Despite New Univision Pact


It’s been a rough month on Wall Street for AI-powered audio attribution firm Veritone Inc. The company’s stock continues to trade at all-time lows.

On Wednesday, a 10.3% dip was registered even as a new pact with Univision Communications was announced.

The agreement, announced Wednesday afternoon, allows Univision Radio stations to use its aiWARE technology to deliver near what Veritone calls “real-time insights and advertising performance intelligence” for national and local advertisers.

Veritone’s aiWARE is being used across 22 of Univision’s radio stations in 15 markets, plus four nationally syndicated audio programs and networks.

According to the Nielsen Audio Today 2018 report, there are more than 44 million Hispanic radio listeners in the United States.

With higher-than-average volume of 957,833 shares traded (average volume is 285,722 shares), VERI dipped 65 cents to $5.65.

In the last month, Veritone’s highest price has been $6.31; its lowest is $5.28, on Nov. 11.

It’s a far cry from where the company started 2018, when shares were trading at more than $23 a share.

Veritone’s 1-year target estimate is $14. That will not be seen, short of a huge growth spurt over the next two weeks.

It’s also highly unlike thanks to the revelation that Bragar Eagel & Squire, P.C. is investigating potential claims against the board of directors of Veritone on behalf of stockholders concerning the proposed acquisition of the company by Apis Capital Management.

It marks the first revelation, albeit unconfirmed, that Veritone is in play.

The investigation focuses on whether Veritone and its board of directors violated the federal securities laws and/or breached their fiduciary duties to the company’s stockholders by failing to conduct a fair process and whether and by how much the proposed transaction undervalues the company.

Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation.