SoundHound AI (NASDAQ:SOUN) Given New $17.00 Price Target at DA Davidson

SoundHound AI (NASDAQ:SOUN) had its price target increased by equities researchers at DA Davidson from $15.00 to $17.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s target price suggests a potential upside of 16.60% from the stock’s previous close.

A number of other equities research analysts have also issued reports on the stock. Wall Street Zen lowered shares of SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Northland Capmk raised shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 8th. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and raised their target price for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. Piper Sandler reiterated a “neutral” rating and set a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. Finally, Wedbush increased their price objective on SoundHound AI from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average price target of $14.36.

SoundHound AI Stock Up 3.8%

Shares of NASDAQ SOUN opened at $14.58 on Wednesday. The stock’s fifty day simple moving average is $12.67 and its 200 day simple moving average is $10.56. The stock has a market capitalization of $5.94 billion, a price-to-earnings ratio of -23.14 and a beta of 2.58. SoundHound AI has a 52-week low of $4.45 and a 52-week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). The company 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 company’s revenue for the quarter was up 216.3% compared to the same quarter last year. During the same quarter last year, the business earned ($0.11) EPS. SoundHound AI has set its FY 2025 guidance at EPS. As a group, analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In related news, CEO Keyvan Mohajer sold 254,376 shares of the business’s 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 $2,380,959.36. Following the completion of the sale, the chief executive officer owned 1,749,790 shares of the company’s stock, valued at approximately $16,378,034.40. The trade was a 12.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Majid Emami sold 60,295 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $10.00, for a total value of $602,950.00. Following the completion of the transaction, the vice president owned 477,657 shares in the company, valued at $4,776,570. This represents a 11.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold 780,965 shares of company stock worth $7,350,999 over the last quarter. Insiders own 9.17% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently bought and sold shares of the business. EP Wealth Advisors LLC lifted its holdings in SoundHound AI by 5.3% in the 2nd quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after purchasing an additional 706 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of SoundHound AI by 4.0% in the second quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock valued at $248,000 after purchasing an additional 880 shares during the period. Apexium Financial LP lifted its stake in shares of SoundHound AI by 2.8% in the second quarter. Apexium Financial LP now owns 36,698 shares of the company’s stock worth $394,000 after buying an additional 1,000 shares during the last quarter. Belpointe Asset Management LLC lifted its stake in shares of SoundHound AI by 9.6% in the second quarter. Belpointe Asset Management LLC now owns 11,430 shares of the company’s stock worth $123,000 after buying an additional 1,000 shares during the last quarter. Finally, Huntington National Bank boosted its holdings in shares of SoundHound AI by 48.8% during the 2nd quarter. Huntington National Bank now owns 3,050 shares of the company’s stock worth $33,000 after buying an additional 1,000 shares during the period. 19.28% of the stock is currently 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.