SoundHound AI (NASDAQ:SOUN) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of SoundHound AI (NASDAQ:SOUN) from a strong sell rating to a sell rating in a report released on Sunday morning,Wall Street Zen reports.

Several other equities analysts also recently weighed in on the company. Piper Sandler dropped their price objective on SoundHound AI from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. DA Davidson reduced their price objective on SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of SoundHound AI in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

SoundHound AI Stock Performance

Shares of SOUN opened at $6.26 on Friday. The firm’s 50-day moving average is $6.74 and its two-hundred day moving average is $7.29. SoundHound AI has a twelve month low of $5.65 and a twelve month high of $22.17. The firm has a market capitalization of $2.78 billion, a P/E ratio of -16.47 and a beta of 2.66.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.11. The company had revenue of $61.90 million during the quarter, compared to analysts’ expectations of $52.38 million. SoundHound AI had a negative net margin of 67.45% and a negative return on equity of 30.22%. The firm’s quarterly revenue was up 45.0% compared to the same quarter last year. During the same period last year, the company posted ($0.19) earnings per share. Analysts predict that SoundHound AI will post -0.33 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Geode Capital Management LLC lifted its stake in SoundHound AI by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock valued at $91,543,000 after buying an additional 273,097 shares in the last quarter. Morgan Stanley increased its position in SoundHound AI by 48.1% during the fourth quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock worth $89,606,000 after buying an additional 2,917,280 shares in the last quarter. State Street Corp increased its position in SoundHound AI by 0.9% during the fourth quarter. State Street Corp now owns 8,691,235 shares of the company’s stock worth $86,652,000 after buying an additional 80,908 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of SoundHound AI by 13.4% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company’s stock worth $91,604,000 after acquiring an additional 672,714 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of SoundHound AI by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,364,998 shares of the company’s stock worth $33,549,000 after acquiring an additional 82,428 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Company Profile

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.