SoundHound AI (NASDAQ:SOUN) Stock Rating Reaffirmed by HC Wainwright

SoundHound AI (NASDAQ:SOUN)‘s stock had its “buy” rating reaffirmed by HC Wainwright in a research report issued on Monday, Benzinga reports. They presently have a $7.00 price objective on the stock. HC Wainwright’s target price would indicate a potential upside of 41.41% from the stock’s current price.

Several other research firms also recently commented on SOUN. Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Friday, May 10th. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $4.95 on Monday. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -13.03 and a beta of 2.77. SoundHound AI has a 1 year low of $1.49 and a 1 year high of $10.25. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56. The business has a fifty day simple moving average of $4.67 and a 200 day simple moving average of $4.53.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results 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 the consensus estimate of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The business’s quarterly revenue was up 72.9% on a year-over-year basis. During the same period last year, the business earned ($0.12) EPS. As a group, sell-side analysts predict that SoundHound AI will post -0.33 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 16,716 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the sale, the insider now owns 486,989 shares in the company, valued at approximately $1,967,435.56. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the sale, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 625,728 shares of company stock worth $3,011,476. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Kings Path Partners LLC bought a new stake in shares of SoundHound AI in the second quarter valued at about $28,000. International Assets Investment Management LLC acquired a new position in SoundHound AI in the 2nd quarter valued at approximately $31,000. Signaturefd LLC lifted its position in shares of SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after acquiring an additional 2,200 shares during the period. Principal Financial Group Inc. grew its holdings in shares of SoundHound AI by 106.6% during the 2nd quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock worth $151,000 after purchasing an additional 19,780 shares in the last quarter. Finally, Harbour Investments Inc. increased its position in shares of SoundHound AI by 5.1% during the second quarter. Harbour Investments Inc. now owns 59,746 shares of the company’s stock valued at $236,000 after purchasing an additional 2,923 shares during the period. Institutional investors own 19.28% of the company’s stock.

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.