News of a new strategic partnership and an analyst's price target increase helped juice the stock of Veritone (VERI 2.03%) over the past few days. According to data compiled by S&P Global Market Intelligence, the enterprise artificial intelligence (AI) solutions provider's shares were up nearly 26% in value week-to-date as of Thursday evening.
Business on the edge
Veritone unveiled that partnership before market open on Thursday. The company revealed that it is teaming up with edge computing specialist Armada to provide next-generation data offerings to corporate clients.
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In Veritone's words, the two companies will collaborate to "deliver the industry's first fully integrated edge-to-enterprise data fabric, capable of ingesting high-volume audio, video, drone, and sensor streams in the field -- even in disconnected environments -- and transforming them into actionable intelligence, operational workflows, and monetizable digital assets in real time."
Veritone added that it and Armada's solutions will span the entire lifecycle of mission-critical data and appeal to a very broad range of both public and private organizations.
The company did not provide any financial details of the Armada partnership, nor did it publish estimates as to how the tie-up might affect its fundamentals.
NASDAQ: VERI
Key Data Points
A bull gives the stock a boost
Separately, on Tuesday, Needham analyst Joshua Reilly reiterated his bullish take on Veritone's stock -- he currently rates it a buy at a price target of $10 per share. According to reports, Reilly's takeaway from the company's Virtual AI and Data Economy Forum is that it differentiates itself with the tokenization of data. He also feels it stands to be successful in licensing data to hyperscalers.
Personally, I buy the argument that Veritone has significant potential. Yet I'd be hesitant to plunge into its shares, as to me it hasn't yet proven it can shed its habit of posting fairly deep bottom-line losses.
