SoundHound AI, Inc. (NASDAQ:SOUN) Given Average Rating of “Moderate Buy” by Analysts

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

A number of research firms recently commented on SOUN. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a research note on Wednesday, May 6th. DA Davidson restated a “buy” rating and set a $14.00 price target on shares of SoundHound AI in a report on Wednesday, April 22nd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a research note on Monday, June 15th.

SoundHound AI Stock Up 0.2%

NASDAQ SOUN opened at $6.56 on Monday. The company has a market capitalization of $2.84 billion, a price-to-earnings ratio of -13.96 and a beta of 2.62. SoundHound AI has a twelve month low of $5.83 and a twelve month high of $22.17. The stock has a fifty day simple moving average of $7.75 and a 200 day simple moving average of $8.36.

SoundHound AI (NASDAQ:SOUN) last announced its 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). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The company had revenue of $44.20 million for the quarter, compared to analyst estimates of $42.56 million. During the same period in the previous year, the firm posted ($0.06) earnings per share. The firm’s quarterly revenue was up 51.7% compared to the same quarter last year. Research analysts expect that SoundHound AI will post -0.45 earnings per share for the current fiscal year.

Insider Activity

In other SoundHound AI news, CEO Keyvan Mohajer sold 126,540 shares of SoundHound AI stock in a transaction on Monday, June 15th. The shares were sold at an average price of $7.46, for a total value of $943,988.40. Following the completion of the sale, the chief executive officer directly owned 1,947,237 shares of the company’s stock, valued at approximately $14,526,388.02. The trade was a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Timothy Stonehocker sold 18,802 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $140,262.92. Following the transaction, the chief technology officer owned 502,290 shares in the company, valued at $3,747,083.40. This represents a 3.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 268,022 shares of company stock worth $1,999,444. Company insiders own 8.84% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management boosted its holdings in SoundHound AI by 197.5% in the first quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock worth $25,000 after acquiring an additional 2,400 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings 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 acquiring an additional 1,060 shares in the last quarter. Dogwood Wealth Management LLC increased its holdings 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 acquiring an additional 1,544 shares in the last quarter. Danske Bank A S acquired a new position in shares of SoundHound AI during the third quarter worth approximately $26,000. Finally, SHP Wealth Management bought a new position in shares of SoundHound AI in the 4th quarter worth $27,000. 19.28% of the stock is owned by institutional investors.

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.