SoundHound AI (NASDAQ:SOUN) Price Target Raised to $26.00

SoundHound AI (NASDAQ:SOUN) had its price target raised by HC Wainwright from $8.00 to $26.00 in a report issued on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently issued reports on SOUN. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

SoundHound AI Trading Down 0.9 %

NASDAQ:SOUN opened at $20.24 on Monday. The business’s 50-day simple moving average is $9.91 and its 200-day simple moving average is $6.54. SoundHound AI has a fifty-two week low of $1.62 and a fifty-two week high of $24.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market capitalization of $7.48 billion, a PE ratio of -56.22 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. The business’s revenue was up 88.7% on a year-over-year basis. Sell-side analysts expect that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 25,000 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $14.00, for a total transaction of $350,000.00. Following the transaction, the director now owns 128,117 shares in the company, valued at approximately $1,793,638. The trade was a 16.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,258,242 shares of company stock valued at $34,752,649 in the last 90 days. 12.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. State Street Corp increased its position in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the period. Bank of New York Mellon Corp lifted its holdings in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Finally, Carnegie Investment Counsel acquired a new stake in SoundHound AI during the 3rd quarter valued at $4,193,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.