SoundHound AI’s (SOUN) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of SoundHound AI (NASDAQ:SOUN) in a research note released on Monday morning,Benzinga reports. They currently have a $26.00 target price on the stock.

Several other brokerages also recently commented on SOUN. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $12.07.

SoundHound AI Stock Down 9.0 %

Shares of NASDAQ:SOUN opened at $12.82 on Monday. SoundHound AI has a 52 week low of $1.62 and a 52 week high of $24.98. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company’s fifty day moving average is $13.44 and its 200-day moving average is $7.90. The company has a market capitalization of $4.74 billion, a PE ratio of -35.61 and a beta of 2.63.

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

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 20,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value 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 approximately $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the stock. Kieckhefer Group LLC bought a new stake in shares of SoundHound AI in the 4th quarter valued at about $3,432,000. Charles Schwab Investment Management Inc. increased its stake in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the last quarter. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI in the 3rd quarter valued at about $4,193,000. Oriental Harbor Investment Fund bought a new stake in shares of SoundHound AI in the 4th quarter valued at about $8,964,000. Finally, Geode Capital Management LLC increased its stake in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

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.