SoundHound AI, Inc. (NASDAQ:SOUN) Receives Average Rating of “Moderate Buy” from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received a consensus recommendation of “Moderate Buy” from the six ratings firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $6.88.

SOUN has been the topic of a number of research reports. LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. DA Davidson raised their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research note on Thursday, April 11th. Finally, Wedbush raised their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st.

Insiders Place Their Bets

In other news, Director Eric R. Ball sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total transaction of $382,000.00. Following the completion of the sale, the director now owns 450,250 shares in the company, valued at approximately $4,299,887.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Majid Emami sold 17,041 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $142,633.17. Following the completion of the sale, the vice president now owns 467,492 shares in the company, valued at approximately $3,912,908.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric R. Ball sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the sale, the director now owns 450,250 shares of the company’s stock, valued at approximately $4,299,887.50. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock valued at $2,598,723 in the last ninety days. 21.30% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the company. Good Life Advisors LLC acquired a new stake in shares of SoundHound AI during the 4th quarter worth approximately $174,000. Raymond James & Associates increased its holdings in SoundHound AI by 221.1% in the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after purchasing an additional 676,799 shares during the last quarter. Vanguard Group Inc. increased its holdings in SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after purchasing an additional 2,064,340 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in SoundHound AI in the 3rd quarter valued at approximately $457,000. Finally, Victory Capital Management Inc. increased its holdings in SoundHound AI by 45.0% in the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after purchasing an additional 6,717 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $3.55 on Friday. SoundHound AI has a 52 week low of $1.49 and a 52 week high of $10.25. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03. The stock has a market capitalization of $1.10 billion, a PE ratio of -9.10 and a beta of 2.75. The stock’s 50-day moving average price is $5.37 and its 200-day moving average price is $3.14.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $17.10 million during the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company’s quarterly revenue was up 80.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.15) earnings per share. As a group, equities analysts expect that SoundHound AI will post -0.3 EPS for the current fiscal year.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.