Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Price Target at $17.07

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received an average recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, five have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $16.0714.

SOUN has been the subject of several recent research reports. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the company from $13.00 to $15.00 in a research note on Friday, December 12th. Piper Sandler lowered their price objective on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, January 5th. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. Finally, HC Wainwright boosted their target price on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th.

SoundHound AI Stock Performance

SoundHound AI stock opened at $11.75 on Monday. The company has a market capitalization of $4.94 billion, a price-to-earnings ratio of -13.99 and a beta of 2.65. The company’s 50 day simple moving average is $11.92 and its 200-day simple moving average is $13.50. SoundHound AI has a 1 year low of $6.52 and a 1 year high of $22.17.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. The company had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The business’s revenue for the quarter was up 67.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) earnings per share. Equities analysts expect that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other news, COO Michael Zagorsek sold 73,406 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $828,019.68. Following the completion of the sale, the chief operating officer directly owned 1,787,459 shares of the company’s stock, valued at approximately $20,162,537.52. This represents a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nitesh Sharan sold 60,780 shares of SoundHound AI stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total transaction of $685,598.40. Following the completion of the transaction, the chief financial officer directly owned 1,705,148 shares in the company, valued at $19,234,069.44. The trade was a 3.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 492,965 shares of company stock valued at $6,140,981. 9.17% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Sound Income Strategies LLC increased its holdings in shares of SoundHound AI by 37.3% in the third quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock valued at $34,000 after purchasing an additional 575 shares during the period. Investors Research Corp grew its position in SoundHound AI by 62.4% in the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after buying an additional 700 shares during the last quarter. EP Wealth Advisors LLC increased its stake in SoundHound AI by 5.3% in the 2nd quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock valued at $151,000 after buying an additional 706 shares during the period. Newbridge Financial Services Group Inc. raised its position in SoundHound AI by 2.7% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 31,880 shares of the company’s stock worth $513,000 after buying an additional 830 shares during the last quarter. Finally, Insigneo Advisory Services LLC lifted its stake in shares of SoundHound AI by 7.4% in the 3rd quarter. Insigneo Advisory Services LLC now owns 12,416 shares of the company’s stock worth $200,000 after acquiring an additional 858 shares during the period. 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.