Exploring Veritone, Inc. (VERI) Investor Profile: Who’s Buying and Why?

You're looking at Veritone, Inc. (VERI) and trying to figure out if the recent stock surge is a genuine signal or just noise, especially with the company's mixed investor base. Honestly, it's a fascinating setup: while the retail crowd holds the largest slice at roughly 50.37% of the ownership, the smart money is making some aggressive moves right now. We're seeing a clear accumulation trend, like Marshall Wace LLP boosting their position by a staggering 16,314.3% in November 2025, which is a massive conviction signal you can't ignore. This institutional appetite is betting on the company's enterprise AI push, specifically the Veritone Data Refinery (VDR), which is expected to drive full-year 2025 revenue into the $104 million to $115 million range. That's an 18% implied annual increase at the midpoint, but you still have to weigh that against the forecast non-GAAP net loss of $20.0 million to $30.0 million for the same period. So, who are the other major players-like Vanguard Group Inc. and BlackRock, Inc.-buying in, and what is their specific thesis for backing a company that's still burning cash to capture a piece of the AI market? Let's dig into the filings.

Who Invests in Veritone, Inc. (VERI) and Why?

You're looking at Veritone, Inc. (VERI) and trying to figure out who is driving the stock's volatility. The short answer is that the ownership structure is highly concentrated among insiders and individual investors, which often signals a high-conviction, high-risk play. This isn't a stock dominated by passive index funds.

As of late 2025, the investor base is split in a way that is defintely unusual for a mature public company. Retail investors-people like you and me-hold the largest slice at approximately 50.37% of shares outstanding. This high retail ownership, plus a significant insider stake, means the stock can be prone to sharp price swings on news or market sentiment.

The breakdown looks like this:

• Retail Investors: 50.37% of shares
• Corporate Insiders: 32.64%, including co-founders Ryan Steelberg and Chad Steelberg
• Institutional Investors: 17.00%, a relatively low figure for a NASDAQ-listed tech firm

The Institutional Footprint: Who's Buying Now?

While the institutional ownership percentage is lower than peers, the names on the shareholder list are canonical. The institutions that are buying are primarily passive managers and a handful of active hedge funds, indicating a mix of index-driven buying and high-risk, growth-focused bets. For instance, the presence of Vanguard Group Inc and BlackRock, Inc. is often due to their index-tracking funds, which must own the stock regardless of the investment thesis.

Here's the quick math on the major institutional long positions as of the third quarter of 2025, which shows the scale of the commitment:

The active managers, like Cooper Creek Partners Management Llc, are the ones signaling a true conviction in the growth story, often employing a long-term holding strategy despite the company's current financial profile.

Investment Motivations: The AI Growth Thesis

The core motivation for any investor buying Veritone, Inc. in 2025 is the belief in its proprietary AI technology, specifically the aiWARE operating system and the Veritone Data Refinery (VDR). This is a pure growth play; it is not a value stock and certainly not a dividend stock.

The investment narrative hinges on the company's transition to a software-as-a-service (SaaS) model and its success in the public sector. In Q2 2025, the public sector business grew a staggering 90% year-over-year, which is the kind of catalyst that attracts growth funds.

The VDR platform hit a major milestone in Q2 2025, processing over 5 trillion tokens, proving the demand for their data refinement capabilities is real. But you must be a realist: this growth comes with a cost. The company's full-year 2025 revenue is projected to be around $109.5 million (midpoint of guidance), but the non-GAAP net loss is still expected to be roughly $25.0 million (midpoint of guidance). You are buying future profitability, not current cash flow.

This high-risk, high-reward profile is why Wall Street analysts, despite the losses, have a consensus rating of Strong Buy as of November 2025, with an average price target of $10.00. The strategy here is simple: bet on the technology's adoption rate accelerating faster than the current cash burn. For a deeper dive into the financials, you should check out Breaking Down Veritone, Inc. (VERI) Financial Health: Key Insights for Investors.

Institutional Ownership and Major Shareholders of Veritone, Inc. (VERI)

The investor profile for Veritone, Inc. (VERI) shows a significant shift in institutional interest, reflecting the volatility and growth potential tied to its AI focus. As of the latest filings for the 2025 fiscal year, institutional investors own approximately 17.00% of the company, holding a total of over 18.4 million shares.

This ownership structure is unique because the retail investor base is unusually large, holding about 50.37% of the stock, while company insiders hold a substantial 32.64%. This means the institutional block, while influential, shares the stage with a large base of individual investors and the company's founders.

Top Institutional Investors: Who's Backing VERI?

The largest institutional holders of Veritone, Inc. are a mix of passive index funds and more active investment managers. Understanding who these investors are-and their typical strategies-is key to interpreting the stock's future movements. The data from Q3 2025 filings shows the following top holders:

Here's the quick math: Vanguard Group Inc. and BlackRock, Inc. are typically passive investors, meaning their holdings are often tied to index funds that must own Veritone, Inc. because it's in their benchmark index. Their accumulation provides a steady, defintely stabilizing force on the stock.

Changes in Ownership: A Surge in Institutional Buying

The most compelling story in the 2025 data is the dramatic increase in institutional commitment. The latest 13F filings show a clear trend of accumulation, especially in Q3 2025. Specifically, 51 institutions increased their positions, collectively buying over 11.5 million shares. In contrast, only 21 institutions decreased their stakes.

This net buying activity is a huge vote of confidence. Look at the key hedge funds and active managers: Marshall Wace LLP increased its stake by an astonishing 16,314.344%. Also, Cooper Creek Partners Management LLC and Silvercrest Asset Management Group LLC both established large, new positions.

• 51 holders increased their positions.
• Total new shares bought: 11,523,212.
• Only 21 holders reduced their positions.

This accumulation helped push the stock price from $2.97 per share in November 2024 to $4.34 per share in November 2025, a rise of 46.13%.

Impact of Institutional Investors on Strategy and Stock Price

Large institutional investors play two main roles: they provide liquidity and stability, and they can influence corporate strategy. The Vanguard and BlackRock holdings, while large, are generally passive-they buy and hold, providing a floor for the stock price. The real influence comes from the active managers.

When hedge funds like Cooper Creek Partners Management LLC take a significant new stake, it signals they see a catalyst for value creation. They might push for operational changes, asset sales, or a shift in capital allocation, especially given the company's financial health dynamics. You can read more about that in Breaking Down Veritone, Inc. (VERI) Financial Health: Key Insights for Investors.

The massive influx of capital-the net increase in institutional shares-directly contributed to the stock's 2025 price appreciation. These large buyers provide the demand needed to absorb selling pressure and validate the company's AI-driven growth narrative. The risk, of course, is that if these large funds decide to exit, the stock could see a sharp, sudden drop. That's why tracking the quarterly changes is crucial.

Next step: Check the Q4 2025 earnings call transcript to see if management addresses the new large shareholders.

Key Investors and Their Impact on Veritone, Inc. (VERI)

You're looking at Veritone, Inc. (VERI), an enterprise AI company, and the first thing to understand is that the investor base is unusual for a public tech company: it's a retail-driven stock. The collective power of individual investors is the single largest influence here, but the high insider ownership means management holds considerable sway, too.

As of late 2025, institutional investors hold about 17.00% of the shares, while company insiders-executives and directors-control a significant 32.64%. This leaves a massive 50.37% in the hands of retail investors. This structure means retail sentiment can drive volatility, but the insiders' large stake ensures their vision for the company's AI platform, aiWARE, remains dominant. It's a delicate balance.

The Retail and Insider Power Dynamic

The fact that half the company is owned by the general public gives retail investors a surprising amount of collective influence on sentiment and stock price action. When news hits-like the Q3 2025 revenue of $29.1 million or the projected full-year 2025 revenue range of $109 million to $115 million-the retail crowd's reaction can be immediate and dramatic.

However, the insider holdings act as a strong anchor. CEO and President Ryan Steelberg is the largest individual shareholder, owning approximately 14.76 million shares, representing 16.07% of the company. That's a powerful alignment of interest with shareholders, but it also means any strategic pivot is firmly controlled by the executive team. Honestly, the Steelberg brothers' combined stake is the biggest single voting block.

• Retail investors: Drive near-term price volatility.
• Insiders: Control long-term strategic direction.
• Institutional holders: Add a layer of professional validation.

Notable Institutional Players and Recent Moves

While institutional ownership is lower than in many large-cap stocks, the list of holders includes some of the world's largest asset managers, which lends credibility to Veritone, Inc.'s long-term AI story. These are mostly passive investors, but their sheer size matters.

The Vanguard Group, Inc. and BlackRock, Inc. are two of the most recognizable names on the register. They primarily hold shares through index funds, which is a vote for the company's inclusion in major indices, not necessarily a deep-dive conviction play. The Vanguard Group, Inc., for example, recently increased its holding by +63.1% in November 2025, holding 2.75 million shares with a market value of around $13.28 million at the time of filing. BlackRock, Inc. also holds a notable position of 927,168 shares as of September 30, 2025.

The more interesting activity comes from the hedge funds and active managers. These are the investors who are making a clear, directional bet on the stock, often looking to capitalize on the expected reduction in the Non-GAAP net loss, which is projected to be between $31.6 million and $26.0 million for the full fiscal year 2025.

Mapping Recent Moves to Action

The recent moves show a clear split in professional opinion. Seeing Marshall Wace LLP, a major London-based hedge fund, jump in with a massive new position-a +16,314.3% quarterly change-is a strong signal that some large players see a near-term opportunity in Veritone, Inc.'s AI growth story, particularly around the Veritone Data Refinery (VDR) and public sector contracts. That kind of sharp buying suggests they believe the company's recent capital raises, like the over $100 million in equity transactions completed in Q3 2025, will successfully fuel the transition to profitability.

But, to be fair, the significant reduction by Davidson Kempner Capital Management LP in October 2025 tells you others are taking profits or simply reducing their risk exposure. This is a classic risk/reward trade-off, especially for a company that is still working toward consistent profitability. The capital raises and debt reduction are positive steps, but they also introduce share dilution, which is a risk you defintely need to factor into your valuation models. For a deeper look at the fundamentals behind these decisions, you can check out Breaking Down Veritone, Inc. (VERI) Financial Health: Key Insights for Investors.

Here's the quick math: the aggressive buying by Marshall Wace LLP suggests a belief that the core AI software products and services, which grew 55% year-over-year in Q3 2025, will accelerate the path to positive cash flow faster than the market expects. Your action should be to monitor the next two quarterly reports for continued growth in that high-margin software segment. If that growth slows, the activist buying thesis falls apart.

Market Impact and Investor Sentiment

You're looking for a clear read on Veritone, Inc. (VERI), and the quick takeaway is this: institutional investors are buying in, but the market's sentiment is wildly volatile. It's a classic high-risk, high-reward AI story, where the analyst consensus is 'Moderate Buy,' but the stock price swings suggest a defintely nervous crowd.

The general public, or retail investors, still hold significant sway, controlling an estimated 50.37% to 56% of the company's shares. This level of retail ownership means sentiment can shift fast, often amplifying market moves. You saw this play out when the stock experienced an 11% decrease in February 2025, which dismayed both retail and institutional holders. Still, the underlying trend shows institutions like Vanguard Group Inc. are increasing their position, which signals confidence in the long-term pivot to core AI software.

Who's Driving the Ownership Structure?

The ownership structure for Veritone, Inc. (VERI) is unusual because retail investors hold a majority stake, but the institutions are placing sizable, strategic bets. Insiders-executives and directors-also hold a substantial portion, around 32.64% of the company, though recent net insider activity has been skewed toward selling, which is a point of caution. Here's a snapshot of the top institutional positions based on the most recent 2025 filings:

Look at Marshall Wace LLP's move: a massive increase of over 16,314.3% in shares reported in November 2025. That's not a passive index fund move; that's a conviction play on the AI story. It suggests a hedge fund sees a near-term catalyst or a deep value opportunity, despite the company's historical challenges, like the Q1 2025 operating loss of $21.6 million.

Recent Market Reactions and Volatility

The stock is incredibly sensitive to news, which is typical for a smaller-cap AI pure-play. The market reaction to positive developments has been explosive in 2025. For example, in the 90 days leading up to late October 2025, the share price returned a staggering 268.7%, fueled by public sector contract wins and upgrades to its Redact software.

This volatility cuts both ways, of course. On one day in September 2025, the stock price fluctuated by 26.84% between its high and low, ultimately closing up 27.99%. That kind of movement shows that a single piece of news-a contract, an earnings beat, or a large institutional buy-can send the stock soaring. The market is pricing in a massive growth expectation, but it's still watching the fundamentals closely, especially with the full-year 2025 revenue guidance sitting between $104 million and $115 million.

Analyst Perspectives on Key Investors

Wall Street's consensus is a 'Moderate Buy' or 'Strong Buy' based on the ratings of 5 to 7 analysts as of November 2025. This positive outlook is largely a vote of confidence in the company's strategic pivot to high-margin Software and Services, away from its legacy businesses. You can read more about that strategic focus, including the Mission Statement, Vision, & Core Values of Veritone, Inc. (VERI).

The average 12-month price target is approximately $10.00 to $10.60, which implies a significant upside from the current price. Analyst Jason Kolbert of D. Boral Capital, for instance, maintained a 'Buy' rating on November 7, 2025, with a price target of $23.00. But here's the quick math: the range is enormous, from a high of $23.00 to a low of $2.00. This wide spread tells you that while the bulls see the AI platform as the next big thing, the bears are focused on the financial risk, including the negative -27% Return on Assets (ROA) recorded in Q1 2025.

• Average Analyst Price Target: $10.00 to $10.60.
• Highest Price Target: $23.00 (D. Boral Capital, Nov 2025).
• Lowest Price Target: $2.00 (UBS, May 2025).

What this estimate hides is the execution risk. The analysts are betting that the management team can successfully shift the revenue mix and achieve profitability, which they are guiding for in the second half of 2026. If they miss that timeline, the stock will get hit hard, regardless of how many shares BlackRock, Inc. or Vanguard Group Inc. hold.