SoundHound AI (NASDAQ:SOUN) Receives Buy Rating from HC Wainwright

SoundHound AI (NASDAQ:SOUN)‘s stock had its “buy” rating reaffirmed by analysts at HC Wainwright in a research report issued on Monday,Benzinga reports. They presently have a $26.00 price objective on the stock. HC Wainwright’s price target suggests a potential upside of 139.92% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Northland Securities increased their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson lifted their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI presently has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Up 17.7 %

NASDAQ SOUN opened at $10.84 on Monday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI has a 52 week low of $3.50 and a 52 week high of $24.98. The firm has a market capitalization of $4.26 billion, a price-to-earnings ratio of -30.10 and a beta of 2.56. The company has a fifty day moving average of $15.19 and a two-hundred day moving average of $9.95.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. On average, analysts predict that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the completion of the sale, the director now directly owns 108,117 shares of the company’s stock, valued at $2,213,154.99. The trade was a 15.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,628,851 shares of company stock worth $44,084,637 over the last three months. 12.28% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

Several hedge funds and other institutional investors have recently bought and sold shares of SOUN. B. Riley Wealth Advisors Inc. bought a new position in shares of SoundHound AI in the 4th quarter worth $544,000. United Advisor Group LLC purchased a new position in SoundHound AI in the fourth quarter valued at about $379,000. Mackenzie Financial Corp raised its holdings in SoundHound AI by 14.5% in the fourth quarter. Mackenzie Financial Corp now owns 20,831 shares of the company’s stock worth $413,000 after purchasing an additional 2,643 shares in the last quarter. Sunbelt Securities Inc. lifted its position in shares of SoundHound AI by 153.1% during the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock valued at $90,000 after buying an additional 2,755 shares during the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of SoundHound AI in the 4th quarter valued at about $88,000. Institutional investors own 19.28% of the company’s stock.

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.