SoundHound AI, Inc. (NASDAQ:SOUN) Receives $12.86 Average PT from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has been assigned an average recommendation of “Hold” from the seven brokerages that are covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $12.86.

Several analysts have weighed in on the company. DA Davidson boosted their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Northland Securities upped their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. HC Wainwright restated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th.

SoundHound AI Stock Up 16.0 %

Shares of SOUN stock opened at $10.34 on Tuesday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock’s fifty day moving average price is $12.85 and its 200 day moving average price is $10.23. The company has a market cap of $4.07 billion, a price-to-earnings ratio of -28.72 and a beta of 2.62. SoundHound AI has a 1-year low of $3.50 and a 1-year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, research analysts expect that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the transaction, the vice president now owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 999,777 shares of company stock valued at $20,062,443. 12.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in SOUN. Vanguard Group Inc. increased its holdings in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $41,595,000. Invesco Ltd. increased its holdings in shares of SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after purchasing an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $16,421,000. Finally, Capital Fund Management S.A. acquired a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $16,092,000. Institutional investors and hedge funds 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.