SoundHound AI (NASDAQ:SOUN) Raised to Buy at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH upgraded shares of SoundHound AI (NASDAQ:SOUN) from a neutral rating to a buy rating in a research report released on Monday morning, MarketBeat Ratings reports. They currently have $16.00 price objective on the stock, up from their prior price objective of $9.00.

A number of other equities analysts also recently issued reports on the company. Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price target for the company in a report on Friday, August 8th. HC Wainwright lowered their price target on SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a report on Monday, May 12th. DA Davidson lowered their price target on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a report on Monday, April 14th. Northland Capmk raised SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. One analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $13.36.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $16.50 on Monday. SoundHound AI has a one year low of $4.32 and a one year high of $24.98. The company has a market cap of $6.63 billion, a PE ratio of -26.18 and a beta of 2.57. The business has a 50-day simple moving average of $11.12 and a 200-day simple moving average of $10.53.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly 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). The business had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The business’s revenue for the quarter was up 216.3% compared to the same quarter last year. During the same period last year, the company earned ($0.11) earnings per share. On average, sell-side analysts predict that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,039,998.96. Following the completion of the sale, the chief financial officer directly owned 1,442,900 shares of the company’s stock, valued at approximately $13,505,544. This represents a 7.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael Zagorsek sold 117,180 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,096,804.80. Following the completion of the sale, the chief operating officer directly owned 1,346,455 shares of the company’s stock, valued at $12,602,818.80. The trade was a 8.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 913,317 shares of company stock valued at $8,679,813. 9.17% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of SOUN. JPMorgan Chase & Co. lifted its holdings in shares of SoundHound AI by 5.8% during the fourth quarter. JPMorgan Chase & Co. now owns 286,817 shares of the company’s stock worth $5,690,000 after purchasing an additional 15,672 shares during the period. O Shaughnessy Asset Management LLC acquired a new stake in shares of SoundHound AI during the fourth quarter worth $213,000. Franklin Resources Inc. lifted its holdings in shares of SoundHound AI by 6.0% during the fourth quarter. Franklin Resources Inc. now owns 40,191 shares of the company’s stock worth $797,000 after purchasing an additional 2,291 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of SoundHound AI by 45.9% during the fourth 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 period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of SoundHound AI by 16.4% during the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock worth $131,000 after purchasing an additional 929 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

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.