SoundHound AI, Inc. (NASDAQ:SOUN) Given Average Rating of “Moderate Buy” by Analysts

SoundHound AI, Inc. (NASDAQ:SOUN) has earned a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $12.07.

A number of analysts have recently issued reports on the company. HC Wainwright raised their price objective on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research report on Monday. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Majid Emami sold 94,067 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now owns 735,685 shares in the company, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,258,242 shares of company stock worth $34,752,649 in the last 90 days. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of institutional investors have recently modified their holdings of SOUN. Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the period. Harbour Investments Inc. increased its stake in SoundHound AI by 5.1% in the second quarter. Harbour Investments Inc. now owns 59,746 shares of the company’s stock valued at $236,000 after acquiring an additional 2,923 shares during the last quarter. Principal Financial Group Inc. raised its position in SoundHound AI by 106.6% during the second quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock valued at $151,000 after purchasing an additional 19,780 shares in the last quarter. Signaturefd LLC lifted its stake in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the 2nd quarter valued at $31,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $20.24 on Thursday. The firm has a market capitalization of $7.48 billion, a P/E ratio of -56.22 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. The firm’s fifty day moving average price is $9.91 and its two-hundred day moving average price is $6.54. SoundHound AI has a 1 year low of $1.62 and a 1 year high of $24.08.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the prior year, the firm earned ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. As a group, research analysts anticipate that SoundHound AI will post -0.38 EPS for the current year.

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.