Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Price Target at $14.93

SoundHound AI, Inc. (NASDAQ:SOUN) has received a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $14.9286.

SOUN has been the subject of several recent research reports. DA Davidson reiterated a “buy” rating and issued a $14.00 price target on shares of SoundHound AI in a research report on Wednesday, April 22nd. HC Wainwright dropped their price objective on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Piper Sandler reaffirmed a “neutral” rating and set a $9.00 price objective (down from $11.00) on shares of SoundHound AI in a research note on Friday, February 27th. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. Finally, LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research note on Wednesday, May 6th.

SoundHound AI Trading Up 1.2%

SOUN opened at $8.52 on Friday. The firm has a market cap of $3.60 billion, a P/E ratio of -18.13 and a beta of 2.58. SoundHound AI has a 12 month low of $5.83 and a 12 month high of $22.17. The stock has a 50-day moving average of $7.55 and a 200 day moving average of $9.84.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $44.20 million during the quarter, compared to analysts’ expectations of $42.56 million. SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The company’s revenue was up 51.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.06) EPS. On average, research analysts forecast that SoundHound AI will post -0.34 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, SVP Majid Emami sold 31,019 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $210,619.01. Following the completion of the transaction, the senior vice president owned 501,826 shares in the company, valued at $3,407,398.54. The trade was a 5.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Michael Zagorsek sold 52,968 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $359,652.72. Following the transaction, the chief operating officer owned 1,734,491 shares of the company’s stock, valued at $11,777,193.89. This trade represents a 2.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 307,973 shares of company stock valued at $2,091,110 over the last three months. Corporate insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Hollencrest Capital Management boosted its position in shares of SoundHound AI by 197.5% during the first quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock valued at $25,000 after buying an additional 2,400 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after purchasing an additional 1,060 shares during the period. Dogwood Wealth Management LLC boosted its stake in shares of SoundHound AI by 152.1% during the fourth quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock valued at $26,000 after purchasing an additional 1,544 shares during the period. Danske Bank A S purchased a new stake in shares of SoundHound AI during the third quarter valued at $26,000. Finally, SHP Wealth Management purchased a new stake in shares of SoundHound AI during the fourth quarter valued at $27,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.