Wedbush Forecasts Strong Price Appreciation for SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI (NASDAQ:SOUN) had its price objective lifted by Wedbush from $10.00 to $22.00 in a research note released on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other equities analysts have also issued reports on the company. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright boosted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $9.50.

SoundHound AI Trading Up 16.4 %

Shares of NASDAQ SOUN opened at $19.69 on Monday. SoundHound AI has a 1-year low of $1.62 and a 1-year high of $19.97. The company has a 50-day moving average of $7.78 and a two-hundred day moving average of $5.80. The company has a market cap of $7.28 billion, a PE ratio of -54.69 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the company posted ($0.09) EPS. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. As a group, equities analysts expect that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the transaction, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 90,641 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 $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This trade represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,060,416 shares of company stock valued at $26,684,544 in the last 90 days. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. Kings Path Partners LLC bought a new stake in shares of SoundHound AI during the second quarter worth $28,000. NBC Securities Inc. increased its holdings 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 purchasing an additional 3,818 shares in the last quarter. International Assets Investment Management LLC bought a new position in SoundHound AI during the 2nd quarter worth about $31,000. Farther Finance Advisors LLC lifted its holdings in shares of SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank boosted its position in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Company Profile

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.