SoundHound AI (NASDAQ:SOUN) Given New $13.00 Price Target at DA Davidson

SoundHound AI (NASDAQ:SOUN) had its price objective lifted by DA Davidson from $9.50 to $13.00 in a research note issued to investors on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued reports about the stock. HC Wainwright restated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Northland Securities boosted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Finally, Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI presently has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Trading Up 17.7 %

Shares of SoundHound AI stock opened at $10.84 on Friday. SoundHound AI has a 1 year low of $3.50 and a 1 year high of $24.98. The firm has a market cap of $4.26 billion, a PE ratio of -30.10 and a beta of 2.56. 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 company has a 50 day simple moving average of $15.19 and a two-hundred day simple moving average of $9.88.

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 the consensus estimate 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 company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. Analysts expect that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $12.00, for a total transaction of $600,000.00. Following the sale, the director now directly owns 451,756 shares in the company, valued at $5,421,072. The trade was a 9.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,722,918 shares of company stock valued at $44,935,943 over the last three months. 12.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Blue Trust Inc. boosted its stake in shares of 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 in the last quarter. Sound Income Strategies LLC lifted its position in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the period. Orion Capital Management LLC purchased a new position in SoundHound AI during the 4th quarter valued at about $30,000. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI during the 4th quarter valued at about $40,000. 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.