SoundHound AI (NASDAQ:SOUN) Rating Reiterated by Wedbush

SoundHound AI (NASDAQ:SOUN)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a report issued on Friday, Benzinga reports. They currently have a $9.00 target price on the stock. Wedbush’s price objective would suggest a potential upside of 84.80% from the company’s current price.

A number of other research firms have also weighed in on SOUN. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $5.00 to $7.00 in a research report on Friday. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Monday, July 29th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Down 6.5 %

Shares of SOUN traded down $0.34 during mid-day trading on Friday, hitting $4.87. 38,585,902 shares of the company’s stock were exchanged, compared to its average volume of 40,062,422. The company has a market cap of $1.60 billion, a price-to-earnings ratio of -12.82 and a beta of 2.77. SoundHound AI has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. 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 stock’s 50-day moving average is $4.62 and its 200-day moving average is $4.66.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The firm had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same period last year, the business earned ($0.10) EPS. The firm’s revenue was up 53.8% compared to the same quarter last year. On average, sell-side analysts anticipate that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 16,039 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $64,797.56. Following the completion of the sale, the chief technology officer now directly owns 867,531 shares of the company’s stock, valued at $3,504,825.24. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Keyvan Mohajer sold 67,994 shares of the company’s 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 $274,695.76. Following the completion of the transaction, the chief executive officer now directly owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 16,039 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $64,797.56. Following the transaction, the chief technology officer now directly owns 867,531 shares of the company’s stock, valued at $3,504,825.24. The disclosure for this sale can be found here. Insiders sold a total of 625,728 shares of company stock valued at $3,011,476 over the last three months. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in SoundHound AI by 18.6% in the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after purchasing an additional 2,064,340 shares during the period. SG Americas Securities LLC lifted its position in SoundHound AI by 40.2% in the fourth quarter. SG Americas Securities LLC now owns 38,243 shares of the company’s stock worth $81,000 after purchasing an additional 10,957 shares during the period. Arizona State Retirement System lifted its position in SoundHound AI by 24.8% in the fourth quarter. Arizona State Retirement System now owns 56,809 shares of the company’s stock worth $120,000 after purchasing an additional 11,283 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in SoundHound AI by 102.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,840 shares of the company’s stock worth $97,000 after purchasing an additional 23,163 shares during the period. Finally, Prosperity Wealth Management Inc. lifted its position in SoundHound AI by 18.5% in the fourth quarter. Prosperity Wealth Management Inc. now owns 50,600 shares of the company’s stock worth $107,000 after purchasing an additional 7,900 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.