SoundHound AI, Inc. (NASDAQ:SOUN) Receives $7.64 Average PT from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has been assigned an average recommendation of “Moderate Buy” from the seven research firms that are presently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $7.64.

A number of brokerages recently issued reports on SOUN. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright lifted their price target on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities boosted their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Finally, Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th.

Insider Activity

In other SoundHound AI news, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.03, for a total transaction of $240,900.00. Following the sale, the director now owns 110,907 shares in the company, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Majid Emami sold 94,067 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now owns 735,685 shares in the company, valued at $6,657,949.25. This represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 431,342 shares of company stock worth $2,662,350 over the last three months. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds have recently modified their holdings of SOUN. Carnegie Investment Counsel purchased a new stake in SoundHound AI in the 3rd quarter worth about $4,193,000. Intech Investment Management LLC acquired a new position in SoundHound AI in the 3rd quarter valued at approximately $305,000. Victory Capital Management Inc. lifted its position in SoundHound AI by 230.9% in the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after buying an additional 84,301 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new position in shares of SoundHound AI in the third quarter worth $431,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $13.33 on Friday. The company has a market cap of $4.93 billion, a P/E ratio of -35.42 and a beta of 3.03. SoundHound AI has a one year low of $1.62 and a one year high of $13.74. The business’s 50-day simple moving average is $6.10 and its 200 day simple moving average is $5.22. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. On average, sell-side analysts forecast that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

About SoundHound AI

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.