Veritone Inc (NASDAQ:VERI) stock could benefit from January effect

Veritone Inc (NASDAQ:VERI) stock is currently trading at $4.85, down more than 23% in the last six months. VERI stock could benefit from the January effect and here’s why. The January Effect is a perceived seasonal increase in stock prices during the month of January. Analysts generally attribute this rally to an increase in buying, which follows the drop in price that typically happens in December when investors, engaging in tax-loss harvesting to offset realized capital gains, prompt a sell-off.

As a day trader one should consider monitoring middle $4’s as the stop and looking for $7’s on the bounce for VERI stock. The company has 69.0 months of cash left based on quarterly cash burn of -$8.21M and estimated current cash of $188.8M.

Veritone, Inc. (NASDAQ: VERI) is the creator of aiWARE, a hyper-expansive enterprise AI platform. As per a recent press release, VERI will power select voices and animated assets for newly-launched Cameo Kids, where parents and loved ones can book personalized Cameo videos for kids from their favorite family entertainment stars, beginning with Moonbug Entertainment’s most popular global kids’ franchises, Blippi and CoComelon.

Cameo Kids launched in partnership with Candle Media, the next-generation media company, which last year acquired Moonbug, the world’s largest digitally native kids’ entertainment company.

Other companies in Veritone’s space includes: NextNav (NASDAQ:NN), Cloopen Group Holding (NYSE:RAAS), Gorilla Technology Gr (NASDAQ:GRRR), Xunlei (NASDAQ:XNET) and CoreCard (NYSE:CCRD).