Jim Cramer Recommends Selling These 5 Stocks in August

3. Veritone, Inc. (NASDAQ:VERI)

Number of Hedge Fund Holders: 9    

Veritone, Inc. (NASDAQ:VERI) provides artificial intelligence computing solutions. During the Lighting Round of his show on August 15, Cramer highlighted his bearish sentiment towards the computing firm while answering a viewer question. The journalist investor claimed that the stock was “losing money like water” and he was “against that”. He added he was going to have to say a “no” to buying the stock. 

On July 13, investment advisory Bank of America downgraded Veritone, Inc. (NASDAQ:VERI) stock to Neutral from Buy and lowered the price target to $10 from $14. Analyst Koji Ikeda issued the ratings update. 

At the end of the first quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $24 million in Veritone, Inc. (NASDAQ:VERI), compared to 12 in the preceding quarter worth $36 million.