DA Davidson Reiterates Buy Rating for SoundHound AI (NASDAQ:SOUN)

SoundHound AI (NASDAQ:SOUN)‘s stock had its “buy” rating reaffirmed by equities research analysts at DA Davidson in a research report issued on Monday, Benzinga reports. They currently have a $9.50 price objective on the stock. DA Davidson’s target price would indicate a potential upside of 108.33% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $4.56 on Monday. The stock has a 50-day simple moving average of $4.82 and a 200 day simple moving average of $4.86. SoundHound AI has a twelve month low of $1.49 and a twelve month high of $10.25. The stock has a market capitalization of $1.50 billion, a PE ratio of -12.00 and a beta of 2.74.

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). The business had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm’s revenue was up 53.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.10) earnings per share. As a group, equities research analysts forecast that SoundHound AI will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares in the company, valued at $4,225,909.20. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares in the company, valued at $4,225,909.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $1,196,000.00. Following the sale, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 535,275 shares of company stock valued at $2,802,644. 21.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of SOUN. Hexagon Capital Partners LLC bought a new stake in shares of SoundHound AI in the 1st quarter valued at $29,000. DecisionPoint Financial LLC bought a new stake in shares of SoundHound AI in the first quarter worth about $40,000. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI during the second quarter worth about $28,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI during the 2nd quarter valued at about $31,000. Finally, Amalgamated Bank grew its position in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the period. 19.28% of the stock is owned by 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.