The Ups And Downs Of Media Stocks


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