SoundHound AI, Inc. (NASDAQ:SOUN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been given an average rating of “Moderate Buy” by the six ratings firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $7.08.

SOUN has been the subject of a number of research analyst reports. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities upped their target price 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. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CTO Timothy Stonehocker sold 20,337 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the sale, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were 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 of the company’s stock, valued at approximately $4,225,909.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,275 shares of company stock worth $1,606,644 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently bought and sold shares of the business. Hexagon Capital Partners LLC acquired a new position in SoundHound AI in the first quarter valued at $29,000. DecisionPoint Financial LLC acquired a new position in SoundHound AI in the 1st quarter valued at about $40,000. Kings Path Partners LLC purchased a new stake in SoundHound AI during the 2nd quarter valued at approximately $28,000. NBC Securities Inc. lifted its position in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in shares of SoundHound AI in the 2nd quarter valued at approximately $31,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

Shares of SOUN stock opened at $5.50 on Friday. SoundHound AI has a 1-year low of $1.49 and a 1-year high of $10.25. The firm has a market cap of $1.81 billion, a PE ratio of -14.47 and a beta of 2.73. The company has a 50-day moving average of $4.88 and a two-hundred day moving average of $4.74.

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 analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. During the same period in the previous year, the business posted ($0.10) EPS. The business’s revenue for the quarter was up 53.8% on a year-over-year basis. Sell-side analysts anticipate that SoundHound AI will post -0.36 EPS for the current fiscal year.

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.