Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Price Target at $7.08

SoundHound AI, Inc. (NASDAQ:SOUN) has been given an average rating of “Moderate Buy” by the six brokerages that are presently covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $7.08.

Several research firms recently weighed in on SOUN. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Monday, August 12th. Northland Securities increased their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $5.00 to $7.00 in a research note on Friday, August 9th.

SoundHound AI Trading Down 0.2 %

NASDAQ:SOUN opened at $4.84 on Friday. SoundHound AI has a 12 month low of $1.49 and a 12 month 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 company has a 50-day moving average price of $4.74 and a 200-day moving average price of $4.96. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of -12.74 and a beta of 2.77.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $13.09 million. During the same period in the previous year, the firm posted ($0.10) earnings per share. The business’s revenue was up 53.8% compared to the same quarter last year. Equities analysts predict that SoundHound AI will post -0.3 EPS for the current year.

Insider Activity

In related news, 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 transaction, the chief technology officer now owns 883,570 shares in the company, valued at approximately $4,417,850. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CTO Timothy Stonehocker sold 104,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total transaction of $520,000.00. Following the completion of the sale, the chief technology officer now owns 883,570 shares of the company’s stock, valued at $4,417,850. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Ming Hom sold 16,716 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 $67,532.64. Following the completion of the transaction, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The disclosure for this sale can be found here. Insiders sold 675,728 shares of company stock worth $3,262,476 over the last three months. 21.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in SoundHound AI by 102.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,840 shares of the company’s stock valued at $97,000 after acquiring an additional 23,163 shares during the period. Great Valley Advisor Group Inc. bought a new position in SoundHound AI during the fourth quarter valued at approximately $42,000. Swiss National Bank boosted its holdings in SoundHound AI by 13.9% in the fourth quarter. Swiss National Bank now owns 400,500 shares of the company’s stock worth $849,000 after purchasing an additional 49,000 shares during the last quarter. Versor Investments LP bought a new stake in SoundHound AI in the 4th quarter worth approximately $128,000. Finally, Independent Advisor Alliance purchased a new stake in SoundHound AI during the 4th quarter valued at $28,000. 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.