The rise and fall of Veritone Inc. shares on Wall Street was the subject of many a story in fall 2017. Shares raced past the $56 mark from just below $8 in roughly six weeks’ time, only to start the 2018 in the mid-$23 range.
Further deceleration was seen, with a $2.17 finish seen as recently as February 3.
On Wednesday, VERI got a very big shot in the arm from investors. Its stock price is back to where it was on October 1. Could a Canadian deal be the reason, or does it have to do with Q4 2019 results due following Wednesday’s stock market close?
As of 2:55pm Eastern, Veritone shares were up 16.7% to $3.49 on exceptionally high volume that had already surpassed 1.03 million shares.
Average volume for VERI is 389,445 shares.
With company leaders poised to present at the 32nd Annual ROTH Conference on Monday, March 16 at The Ritz-Carlton in Laguna Niguel, Calif., and Q4 earnings due after Wednesday’s Closing Bell, things haven’t looked so bright for the provider of artificial intelligence (AI) technology and solutions in months.
Monday’s news from Toronto certainly helps. That’s when Bell Media, Canada’s largest media company by total assets, entered into a multi-year agreement with Veritone that gives Bell access to Veritone’s content and ad intelligence solutions, Veritone Essentials and Veritone Attribute.
“Almost 40” of Bell Media’s radio and television stations in a dozen markets throughout Canada — including Hot AC CHUM-FM in Toronto, News/Talk CFRA-AM in Ottawa, heritage Rocker CHOM-FM in Montréal and English-language Talk sibling CJAD-AM 800 — will have access to the Veritone products.
“Our partnership with Veritone brings real-time campaign optimization abilities along with attribution and effectiveness metrics to radio advertising,” said Dean Rutherford, VP of National Radio Sales at Bell Media. “We are now able to see campaigns as they air, including pre-produced, live, and in-show executions. This allows us to provide up-to-the-minute analytics with a new level of transparency, enabling our local and national advertising partners and sponsors to better measure campaign effectiveness and return on investment.”
