SoundHound AI, Inc. (NASDAQ:SOUN) Receives $6.88 Consensus PT from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $6.88.

Several equities analysts recently commented on SOUN shares. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Wedbush lifted their price objective on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. HC Wainwright upped their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a report on Monday, March 4th. DA Davidson increased their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a research report on Thursday, April 11th.

SoundHound AI Trading Up 6.5 %

Shares of SOUN stock opened at $3.78 on Friday. The firm has a fifty day moving average of $5.39 and a 200-day moving average of $3.17. The stock has a market cap of $1.17 billion, a price-to-earnings ratio of -9.69 and a beta of 2.75. SoundHound AI has a 52-week low of $1.49 and a 52-week high of $10.25. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The business’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same period last year, the company earned ($0.15) EPS. On average, equities research analysts forecast that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $6.08, for a total transaction of $192,523.20. Following the sale, the chief executive officer now owns 1,137,831 shares of the company’s stock, valued at approximately $6,918,012.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Keyvan Mohajer sold 31,665 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the completion of the sale, the chief executive officer now owns 1,137,831 shares of the company’s stock, valued at $6,918,012.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 5,276 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the transaction, the chief technology officer now directly owns 982,584 shares in the company, valued at approximately $7,565,896.80. The disclosure for this sale can be found here. Insiders sold 405,057 shares of company stock valued at $2,587,804 over the last ninety days. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently added to or reduced their stakes in the company. Good Life Advisors LLC acquired a new position in SoundHound AI during the 4th quarter valued at about $174,000. Raymond James & Associates lifted its holdings in SoundHound AI by 221.1% in the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after buying an additional 676,799 shares during the period. Vanguard Group Inc. boosted its stake in SoundHound AI by 18.6% in the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after acquiring an additional 2,064,340 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in SoundHound AI during the 3rd quarter worth $457,000. Finally, Victory Capital Management Inc. raised its position in shares of SoundHound AI by 45.0% during the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after acquiring an additional 6,717 shares during the last quarter. 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.