If there’s one company actively working with broadcast media that has seen the fiercest rollercoaster ride on Wall Street since its Initial Public Offering, that company would be Veritone Inc.
The provider of AI and cognitive solutions has seen its stock soar, and retreat, and bounce up and down in various ways since September, when it first rocketed above the $20 level.
As of today, it’s no longer a $20+ stock. Veritone shares tumbled to its pre-September levels in Wednesday’s trading, on heavier than average volume of 1.25 million shares. Average volume is 661,375 shares.
With a 1-year target estimate of $37, Veritone is now faced with a fierce rally to boost its now-beleaguered stock.
Once as high as $74.50, Veritone in early after-hours trading is at $17.70, down 5 cents from Wednesday’s closing price of $17.75 — a 23.3% slide.
There was no immediate reason for the sharp drop in value, triggered at Noon Eastern.
TOWNSQUARE SEES A BUMP
Among the day’s gainers on Wall Street is Townsquare Media, the operator of small- and medium-sized market radio stations.
At the Closing Bell, Townsquare shares were up 9 cents to $7.50.
That’s a step in the right direction for a stock that’s been hovering in the $7.25-$8.25 range since November 2017, when the company’s shares slid below $10, reaching the $7 level.
Townsquare’s 1-year target estimate is $10.79.
Meanwhile, Entercom shares remained steady at $11.05.
How did other media companies fare in Wednesday’s trading. Visit the RBR.com homepage to visit our Wall Street Report now!