SoundHound AI (NASDAQ:SOUN) Stock Rating Upgraded by Cantor Fitzgerald

SoundHound AI (NASDAQ:SOUN) was upgraded by research analysts at Cantor Fitzgerald from a “neutral” rating to an “overweight” rating in a research note issued to investors on Friday, Marketbeat Ratings reports. The brokerage presently has a $7.00 price target on the stock, up from their previous price target of $5.00. Cantor Fitzgerald’s target price would suggest a potential upside of 43.74% from the stock’s previous close.

A number of other research firms have also recently issued reports on SOUN. Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Friday, May 10th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Monday, July 29th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Stock Down 6.5 %

NASDAQ SOUN traded down $0.34 during trading on Friday, hitting $4.87. 38,585,902 shares of the company traded hands, compared to its average volume of 40,062,422. The company has a market capitalization of $1.60 billion, a P/E ratio of -12.82 and a beta of 2.77. 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 $4.62 and a 200 day simple moving average of $4.66. SoundHound AI has a 12 month low of $1.49 and a 12 month high of $10.25.

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

Insider Activity

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

Institutional Trading of SoundHound AI

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC lifted its stake 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 valued at $10,278,000 after purchasing an additional 1,566,238 shares during the period. Baupost Group LLC MA purchased a new stake in shares of SoundHound AI during the 1st quarter worth about $6,659,000. Bank of New York Mellon Corp increased its position in shares of SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after purchasing an additional 409,917 shares during the period. 19.28% of the stock is owned by hedge funds and other 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.