SoundHound AI, Inc. (NASDAQ:SOUN) Receives $14.93 Consensus Target Price from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received a consensus recommendation of “Moderate Buy” from the ten research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $14.9286.

SOUN has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. HC Wainwright reduced their target price on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Zacks Research upgraded shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. DA Davidson reiterated a “buy” rating and issued a $14.00 target price on shares of SoundHound AI in a research note on Wednesday, April 22nd. Finally, Piper Sandler reiterated a “neutral” rating and issued a $9.00 target price (down from $11.00) on shares of SoundHound AI in a research note on Friday, February 27th.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 31,019 shares of SoundHound AI stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $210,619.01. Following the completion of the transaction, the insider owned 772,364 shares in the company, valued at $5,244,351.56. This trade represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Majid Emami sold 31,019 shares of SoundHound AI stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $210,619.01. Following the completion of the transaction, the senior vice president owned 501,826 shares of the company’s stock, valued at $3,407,398.54. The trade was a 5.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 307,973 shares of company stock valued at $2,091,110. 8.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently modified their holdings of the business. Hollencrest Capital Management increased its stake in shares of SoundHound AI by 197.5% in the first quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock worth $25,000 after purchasing an additional 2,400 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of SoundHound AI by 83.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after acquiring an additional 1,060 shares during the period. Dogwood Wealth Management LLC boosted its position in shares of SoundHound AI by 152.1% in the fourth quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock valued at $26,000 after acquiring an additional 1,544 shares during the period. Danske Bank A S bought a new position in shares of SoundHound AI in the third quarter valued at approximately $26,000. Finally, SHP Wealth Management bought a new position in shares of SoundHound AI in the fourth quarter valued at approximately $27,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $7.49 on Thursday. SoundHound AI has a 52-week low of $5.83 and a 52-week high of $22.17. The company has a 50-day simple moving average of $7.87 and a 200 day simple moving average of $9.04. The company has a market capitalization of $3.24 billion, a PE ratio of -15.94 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The company had revenue of $44.20 million for the quarter, compared to analysts’ expectations of $42.56 million. During the same quarter last year, the business posted ($0.06) EPS. The business’s quarterly revenue was up 51.7% on a year-over-year basis. As a group, analysts forecast that SoundHound AI will post -0.45 EPS for the current fiscal year.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.