SoundHound AI, Inc. (NASDAQ:SOUN) Receives $6.88 Average Price Target from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has been assigned a consensus rating of “Moderate Buy” from the six ratings firms that are covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $6.88.

Several brokerages recently weighed in on SOUN. HC Wainwright raised their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective for the company. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a research report on Thursday, April 11th. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Finally, DA Davidson lifted their target price 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.

SoundHound AI Price Performance

Shares of SOUN opened at $4.01 on Friday. The company has a market capitalization of $1.24 billion, a P/E ratio of -10.28 and a beta of 2.75. 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 firm has a 50 day moving average of $5.47 and a 200 day moving average of $3.19. SoundHound AI has a twelve month low of $1.49 and a twelve month high of $10.25.

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

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 40,000 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total value of $382,000.00. Following 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 filing with the SEC, which can be accessed through the SEC website. In other SoundHound AI news, Director Eric R. Ball sold 40,000 shares of the business’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total value of $382,000.00. Following 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 filing with the SEC, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 405,057 shares of company stock worth $2,587,804. 21.30% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after buying an additional 2,064,340 shares during the last quarter. Intrinsic Edge Capital Management LLC increased its holdings in shares of SoundHound AI by 47.7% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of SoundHound AI by 1.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company’s stock worth $3,486,000 after buying an additional 18,301 shares during the last quarter. Raymond James & Associates increased its holdings in shares of SoundHound AI by 221.1% in the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock worth $1,976,000 after buying an additional 676,799 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in SoundHound AI by 9.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock valued at $1,034,000 after purchasing an additional 44,028 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

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.