Veritone (VERI) Surges 53.7%: Is This an Indication of Further Gains?

Veritone, Inc. (VERI) shares rallied 53.7% in the last trading session to close at $8.39. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 46.4% gain over the past four weeks.The stock surged as Veritone announced major AI data contract wins, strong preliminary third-quarter results, and renewed investor confidence in its growing role within the AI data ecosystem.This company is expected to post quarterly loss of $0.11 per share in its upcoming report, which represents a year-over-year change of +42.1%. Revenues are expected to be $28.45 million, up 29.4% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Veritone, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on VERI going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Veritone is a member of the Zacks Technology Services industry. One other stock in the same industry, Viant Technology (DSP), finished the last trading session 0.1% higher at $8.44. DSP has returned -8.5% over the past month.For Viant, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.15. This represents no change from what the company reported a year ago. Viant currently has a Zacks Rank of #3 (Hold).Free Report: Profiting from the 2nd Wave of AI ExplosionThe next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.Investors who bought shares like Nvidia at the right time have had a shot at huge gains.But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.Access AI Boom 2.0 now, absolutely free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Veritone, Inc. (VERI): Free Stock Analysis Report Viant Technology Inc. (DSP): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks