SoundHound AI, Inc. (NASDAQ:SOUN) Receives $7.08 Average PT from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has earned an average rating of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $7.08.

Several analysts have recently commented on the company. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, August 9th. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday.

SoundHound AI Stock Performance

Shares of SOUN opened at $5.01 on Tuesday. The firm has a market cap of $1.65 billion, a PE ratio of -13.13 and a beta of 2.74. SoundHound AI has a 52-week low of $1.49 and a 52-week high of $10.25. The business’s 50 day moving average price is $4.92 and its two-hundred day moving average price is $4.99.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same period in the prior year, the company earned ($0.10) earnings per share. The firm’s revenue was up 53.8% compared to the same quarter last year. Research analysts predict that SoundHound AI will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 374,504 shares of company stock valued at $1,907,191. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SOUN. Independent Advisor Alliance purchased a new position in SoundHound AI in the fourth quarter valued at about $28,000. Kings Path Partners LLC bought a new position in SoundHound AI during the second quarter valued at $28,000. Hexagon Capital Partners LLC bought a new position in SoundHound AI during the first quarter valued at $29,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI in the second quarter valued at $31,000. Finally, HighPoint Advisor Group LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at $37,000. Hedge funds and other 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.