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AI Provider Veritone (VERI) Plummets After Citron Research Tweet
On Wednesday, shares of artificial intelligence technology company Veritone Inc. (VERI - Free Report) are plummeting after Citron Research spelled out a brutal future for the company on Twitter .
Before the tweet, the stock was trading at around $74.50 per share. Benzinga points out that it only took eight minutes for shares to fall to around $61, though Veritone is currently trading down about 16% to $55.60 per share.
Veritone is fairly new to Wall Street, having priced its IPO at $15 a share and raising $37.5 million in the process in May. The company is one of the few pure-play AI options, and through its Veritone Platform, utilizes the power of AI-based cognitive computing to transform and analyze unstructured data for its clients.
In August, Barron’s tech trader Tiernan Ray published an in-depth discussion of Veritone’s AI strategy, and how it plans to take on much bigger competitors like Amazon (AMZN - Free Report) and Alphabet (GOOGL - Free Report) . This report sent shares of the company higher by more than 40%, and in the past month, the stock has climbed nearly 400%.
This massive selloff is likely another case of Wall Street overreaction, but Andrew Left’s Citron has infamously targeted companies like this through Twitter in the past. While Citron is a short-selling firm, and has made accurate calls in the past, it’s important to remember that the comment is just a tweet, albeit a ruthless one.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
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