It was another day of mixed activity on Wall Street, as Veritone Inc. fell to its lowest level since July 2017.
On the contrary, it was a good session for Nexstar, and for Viacom’s Class B shares.
For AI-powered Veritone, the Closing Bell brought a sorry story for investors who rode on the company’s coattails through a meteoric autumn rise. By Sept. 1, Veritone shares were at $45.45, and seemingly headed well past $50. On Aug. 1, they were just at $15.56.
With Tuesday’s close, Veritone shares are worth just $14.37, rising to $14.58 in immediate after-hours trading.
Why? Darren Aftahi of Roth Capital revised his price target to $32 … from $62. Aftahi explained that he wished to take “a more conservative approach” to Veritone and companies in its space.
Meanwhile, TV station owner Nexstar Media Group continued to impress investors, with a 75 cent gain to $74. It’s a step in the right direction since a Feb. 9 dip to just below $70, and prices above $80 that were seen one month ago.
Also up: Viacom‘s Class B shares, which gained 48 cents to $33.98 as a possible merger with CBS Corp. remained a discussion topic among some Wall Street observers.
For a complete look at today’s closing prices for media stocks, please visit the Wall Street Report on the homepage of RBR.com.