Brokerages Set SoundHound AI, Inc. (NASDAQ:SOUN) Target Price at $6.88

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been assigned an average recommendation of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $6.88.

SOUN has been the subject of a number of research analyst reports. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Wedbush reiterated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Friday, May 10th. DA Davidson increased their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research report on Friday, March 15th. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a research report on Thursday, April 11th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Monday, May 13th.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $4.43 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84. The company has a fifty day moving average of $4.69 and a two-hundred day moving average of $3.95. The stock has a market capitalization of $1.46 billion, a PE ratio of -11.66 and a beta of 2.87. SoundHound AI has a fifty-two week low of $1.49 and a fifty-two week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The company had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The firm’s revenue for the quarter was up 72.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.12) earnings per share. As a group, research analysts forecast that SoundHound AI will post -0.33 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 5,276 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the sale, the chief technology officer now owns 982,584 shares of the company’s stock, valued at $7,565,896.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other SoundHound AI news, CFO Nitesh Sharan sold 23,212 shares of the stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $194,284.44. Following the completion of the transaction, the chief financial officer now owns 751,017 shares of the company’s stock, valued at $6,286,012.29. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.70, for a total transaction of $40,625.20. Following the transaction, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at approximately $7,565,896.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 304,136 shares of company stock valued at $1,941,091. 21.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Cetera Advisors LLC purchased a new position in SoundHound AI during the first quarter worth about $327,000. Strategic Wealth Partners Ltd. purchased a new position in SoundHound AI during the first quarter worth about $73,000. Janus Henderson Group PLC boosted its stake in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 shares during the period. Bayesian Capital Management LP purchased a new position in SoundHound AI during the first quarter worth about $162,000. Finally, Gendell Jeffrey L purchased a new position in SoundHound AI during the first quarter worth about $589,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.