The company behind an AI-powered media attribution application that tracks the efficacy of advertising in broadcast radio and TV returned from the 2018 Radio Show in Orlando to a rocky Q4 start on Wall Street.
Shares began to tumble southward after 1pm Eastern. This led to a 8.4% dip in Veritone Inc. stock — and perilously close to its all-time low.
On volume of 332,242 shares (normal trading volume is 153,865), VERI closed on Monday at $9.55 — off 88 cents from Friday’s close.
It’s a dismal start to the quarter for the company, which saw its shares trading as high as $24.16 on June 12.
Further, it is the third sizable one-day decline for Veritone since that mid-June mini-peak.
Veritone’s year-to-date high on Wall Street is $24.01 — seen in early January.
But, that’s a far cry from where Veritone was a year ago.
On Oct. 1, 2017, VERI was a $35.50 stock — and some were wondering why it was so low.
That’s because Veritone rocketed to $45.45 by Labor Day weekend 2017, from $9.15 a share in July 2017.
What drove today’s big dip? It’s not clear.
On Sept. 25 Veritone introduced Veritone Attribute, which delivers customer behavior impact analytics from pre-recorded, native, and organic mentions. Veritone says it enables broadcasters to systematically verify and analyze the effect of the customers’ advertising placements in near real-time.