Veritone, Inc. (VERI Quick QuoteVERI - Free Report) shares rallied 16% in the last trading session to close at $24.98. 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 10.9% gain over the past four weeks.

The stock was driven by investor optimism over the three-year exclusive international agreement between Veritone and CBS News, which is expected to increase their access to millions of hours of archival and breaking news content.

This company is expected to post quarterly loss of $0.12 per share in its upcoming report, which represents a year-over-year change of +20%. Revenues are expected to be $22 million, up 39.9% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Veritone, Inc., 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 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>