Northland Capmk Upgrades SoundHound AI (NASDAQ:SOUN) to Strong-Buy

Northland Capmk upgraded shares of SoundHound AI (NASDAQ:SOUN) from a hold rating to a strong-buy rating in a research note released on Friday morning,Zacks.com reports.

A number of other analysts have also issued reports on SOUN. Northland Securities upgraded shares of SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 target price on the stock in a research report on Friday. HC Wainwright decreased their price target on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, May 12th. DA Davidson decreased their price target on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Piper Sandler reiterated a “neutral” rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. Finally, Wall Street Zen lowered shares of SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $12.07.

SoundHound AI Stock Performance

Shares of NASDAQ SOUN opened at $13.55 on Friday. SoundHound AI has a 1 year low of $4.32 and a 1 year high of $24.98. The firm’s 50 day moving average price is $10.76 and its 200 day moving average price is $10.45. The firm has a market cap of $5.44 billion, a P/E ratio of -21.51 and a beta of 2.57.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 77.38% and a negative net margin of 171.81%. The firm had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. During the same quarter last year, the business posted ($0.11) EPS. The firm’s revenue was up 216.3% compared to the same quarter last year. As a group, equities analysts predict that SoundHound AI will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 254,376 shares of the firm’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $2,380,959.36. Following the transaction, the chief executive officer owned 1,749,790 shares of the company’s stock, valued at approximately $16,378,034.40. This trade represents a 12.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Michael Zagorsek sold 117,180 shares of the firm’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $1,096,804.80. Following the completion of the transaction, the chief operating officer directly owned 1,346,455 shares in the company, valued at approximately $12,602,818.80. This represents a 8.01% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 957,474 shares of company stock worth $9,209,697. 9.17% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. JPMorgan Chase & Co. increased its stake in SoundHound AI by 5.8% during the 4th quarter. JPMorgan Chase & Co. now owns 286,817 shares of the company’s stock worth $5,690,000 after buying an additional 15,672 shares during the period. O Shaughnessy Asset Management LLC purchased a new stake in SoundHound AI during the 4th quarter worth $213,000. Alliancebernstein L.P. increased its stake in SoundHound AI by 6.8% during the 4th quarter. Alliancebernstein L.P. now owns 317,125 shares of the company’s stock worth $6,292,000 after buying an additional 20,155 shares during the period. Franklin Resources Inc. increased its stake in SoundHound AI by 6.0% during the 4th quarter. Franklin Resources Inc. now owns 40,191 shares of the company’s stock worth $797,000 after buying an additional 2,291 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of SoundHound AI by 45.9% in the 4th quarter. Wells Fargo & Company MN now owns 410,040 shares of the company’s stock worth $8,135,000 after purchasing an additional 128,982 shares during the last quarter. 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.