SoundHound AI (NASDAQ:SOUN) Given “Buy” Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of SoundHound AI (NASDAQ:SOUN) in a research report released on Monday, Benzinga reports. They currently have a $7.00 target price on the stock.

Other equities analysts have also issued reports about the stock. Wedbush reaffirmed an outperform rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a neutral rating to an overweight rating and increased their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Finally, Northland Securities boosted their target price on SoundHound AI from $5.50 to $6.00 and gave the company a market perform rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $7.08.

SoundHound AI Trading Up 0.2 %

NASDAQ:SOUN traded up $0.01 on Monday, hitting $4.96. 4,668,201 shares of the stock were exchanged, compared to its average volume of 39,596,336. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84. SoundHound AI has a 52 week low of $1.49 and a 52 week high of $10.25. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -13.03 and a beta of 2.77. The company’s 50-day moving average price is $4.63 and its 200 day moving average price is $4.73.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The company 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 revenue for the quarter was up 53.8% on a year-over-year basis. During the same period last year, the firm earned ($0.10) earnings per share. On average, equities research analysts forecast that SoundHound AI will post -0.3 earnings per share for the current year.

Insider Activity

In other SoundHound AI news, CTO Timothy Stonehocker sold 104,000 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total value of $520,000.00. Following the completion of the transaction, the chief technology officer now directly owns 883,570 shares in the company, valued at $4,417,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Keyvan Mohajer sold 116,504 shares of SoundHound AI stock in a transaction on Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Timothy Stonehocker sold 104,000 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value of $520,000.00. Following the sale, the chief technology officer now owns 883,570 shares in the company, valued at approximately $4,417,850. The disclosure for this sale can be found here. In the last three months, insiders have sold 625,728 shares of company stock worth $3,011,476. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently made changes to their positions in SOUN. Ameritas Investment Partners Inc. raised its stake in shares of SoundHound AI by 17.3% in the first quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after buying an additional 2,000 shares during the period. Genesee Capital Advisors LLC raised its stake in SoundHound AI by 11.4% in the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after acquiring an additional 2,000 shares during the period. Signaturefd LLC lifted its holdings in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in SoundHound AI by 13.7% during the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock worth $82,000 after purchasing an additional 2,500 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of SoundHound AI by 16.5% in the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after purchasing an additional 2,629 shares in the last quarter. Hedge funds and other 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.