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

SoundHound AI (NASDAQ:SOUNGet Free Report)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a report issued on Monday, Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s target price indicates a potential upside of 37.52% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Friday. LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective for the company. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a research report on Thursday, April 11th. Finally, DA Davidson lifted their price objective on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research report on Friday, March 15th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $6.88.

Check Out Our Latest Analysis on SOUN

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $5.09 on Monday. The firm has a market capitalization of $1.57 billion, a PE ratio of -13.39 and a beta of 2.87. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03. SoundHound AI has a 12-month low of $1.49 and a 12-month high of $10.25. The firm has a 50-day moving average price of $5.39 and a 200 day moving average price of $3.44.

SoundHound AI (NASDAQ:SOUNGet Free Report) last issued its earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. SoundHound AI had a negative return on equity of 598.50% and a negative net margin of 183.49%. SoundHound AI’s quarterly revenue was up 72.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.12) EPS. Research analysts anticipate that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the transaction, the director now owns 530,250 shares of the company’s stock, valued at approximately $2,651,250. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $5.00, for a total value of $250,000.00. Following the completion of the sale, the director now directly owns 530,250 shares in the company, valued at $2,651,250. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The disclosure for this sale can be found here. Insiders sold a total of 405,057 shares of company stock valued at $2,587,804 over the last quarter. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SOUN. Vanguard Group Inc. lifted its stake in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC increased its stake in shares of SoundHound AI by 47.7% in 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 acquiring an additional 1,566,238 shares during the last quarter. Raymond James & Associates raised its position in shares of SoundHound AI by 221.1% in the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after acquiring an additional 676,799 shares during the period. Quadrature Capital Ltd bought a new position in SoundHound AI during the 3rd quarter worth approximately $457,000. Finally, PFG Investments LLC acquired a new position in SoundHound AI during the first quarter valued at approximately $1,335,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

(Get Free Report)

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.

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Analyst Recommendations for SoundHound AI (NASDAQ:SOUN)

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