5 Best Artificial Intelligence (AI) Stocks To Buy According to Analysts

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1. Veritone, Inc. (NASDAQ:VERI)

Number of Hedge Fund Holders: 7

Average Upside Potential Based on Analyst Ratings: 78.56%

Veritone, Inc. (NASDAQ:VERI) was incorporated in 2014 and is headquartered in Denver, Colorado. The company provides artificial intelligence computing solutions in the United States and the United Kingdom. On January 31, Veritone, Inc. (NASDAQ:VERI) announced that it is anticipating annualized savings of between $12 million and $15 million in the fiscal year 2023. The company plans to reduce some operational costs as part of its efforts to improve its balance sheet, with a focus on boosting profitability. Veritone, Inc. (NASDAQ:VERI) also repurchased $60 million of its debt at a cost of $39 million, which was 65% of the par value. These moves are part of the company’s broader strategy of reducing its cost structure.

On February 15, Roth MKM analyst Darren Aftahi raised the firm’s price target on Veritone, Inc. (NASDAQ:VERI) to $12 from $10 and maintained a Buy rating on the shares ahead of its Q4 results. The analyst noted that Veritone, Inc. (NASDAQ:VERI)’s efforts to control costs and concentrate on commercial AI growth have led to an improvement in share prices. Additionally, Aftahi suggests that Veritone, Inc. (NASDAQ:VERI) has an untapped revenue stream in cross-selling to its customers, and with PandoLogic comps set to ease, the company’s outlook is positive.

According to Insider Monkey’s Q4 data, 7 hedge funds were bullish on Veritone, Inc. (NASDAQ:VERI), compared to 6 funds in the prior quarter. D E Shaw held a prominent stake in the company, comprising 441,409 shares worth $2.3 million. 

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