SoundHound AI (NASDAQ:SOUN) Given Buy Rating at HC Wainwright

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

Several other research firms have also recently weighed in on SOUN. Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson upped their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, Wedbush upped their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Trading Down 4.6 %

Shares of SoundHound AI stock opened at $10.32 on Monday. The firm has a 50-day moving average of $14.99 and a 200-day moving average of $9.99. The stock has a market cap of $4.06 billion, a PE ratio of -28.67 and a beta of 2.56. SoundHound AI has a 52-week low of $3.50 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.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. As a group, sell-side analysts forecast that SoundHound AI will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, COO Michael Zagorsek sold 277,813 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. This represents a 15.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,628,851 shares of company stock valued at $44,084,637. 12.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Commons Capital LLC increased its stake in shares of SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock valued at $543,000 after buying an additional 723 shares during the period. ST Germain D J Co. Inc. increased its position in SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after purchasing an additional 750 shares during the period. Keynote Financial Services LLC increased its position in SoundHound AI by 4.7% during the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock valued at $329,000 after purchasing an additional 752 shares during the period. Blue Trust Inc. increased its position in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the period. Finally, Russell Investments Group Ltd. increased its position in SoundHound AI by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock valued at $131,000 after purchasing an additional 929 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

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.