SoundHound AI’s (SOUN) Outperform Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of SoundHound AI (NASDAQ:SOUN) in a research report released on Thursday morning, Benzinga reports. The firm currently has a $9.00 target price on the stock.

SOUN has been the topic of a number of other reports. HC Wainwright reaffirmed a buy rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. Northland Securities increased their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a market perform rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a neutral rating to an overweight rating and raised their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus price target of $7.08.

SoundHound AI Price Performance

Shares of SOUN opened at $4.91 on Thursday. SoundHound AI has a 1 year low of $1.49 and a 1 year high of $10.25. The stock has a 50 day simple moving average of $4.84 and a two-hundred day simple moving average of $4.97. The firm has a market cap of $1.62 billion, a P/E ratio of -12.92 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The business had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. SoundHound AI’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same period last year, the company posted ($0.10) EPS. On average, equities analysts anticipate that SoundHound AI will post -0.36 earnings per share for the current year.

Insider Buying and Selling

In other news, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the sale, the insider now owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider James Ming Hom sold 21,024 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the transaction, the insider now owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the sale, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The disclosure for this sale can be found here. Insiders sold 535,275 shares of company stock valued at $2,802,644 over the last quarter. 21.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Swiss National Bank grew its holdings in SoundHound AI by 13.9% in the fourth quarter. Swiss National Bank now owns 400,500 shares of the company’s stock worth $849,000 after purchasing an additional 49,000 shares during the period. Soviero Asset Management LP bought a new position in SoundHound AI during the 4th quarter valued at approximately $106,000. Intrinsic Edge Capital Management LLC increased its position in SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Quadrature Capital Ltd raised its stake in SoundHound AI by 67.1% during the fourth quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock valued at $807,000 after buying an additional 153,273 shares during the last quarter. Finally, HighPoint Advisor Group LLC bought a new stake in SoundHound AI in the fourth quarter worth $37,000. 19.28% of the stock is currently owned by institutional investors.

About SoundHound AI

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.