SoundHound AI, Inc. (NASDAQ:SOUN) Receives $6.88 Consensus Target Price from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has received a consensus recommendation of “Moderate Buy” from the six analysts that are presently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $6.88.

Several research firms have weighed in on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a report on Thursday, April 11th. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective on the stock. HC Wainwright raised their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. DA Davidson raised their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, Wedbush raised their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, March 1st.

Insider Activity

In other news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Majid Emami sold 17,041 shares of SoundHound AI stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $142,633.17. Following the completion of the sale, the vice president now owns 467,492 shares of the company’s stock, valued at approximately $3,912,908.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the sale, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. Insiders sold a total of 405,057 shares of company stock valued at $2,587,804 in the last quarter. Company insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of SOUN. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 18.6% during the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after buying an additional 2,064,340 shares during the period. Intrinsic Edge Capital Management LLC raised its stake in SoundHound AI by 47.7% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after purchasing an additional 1,566,238 shares in the last quarter. Raymond James & Associates raised its stake in SoundHound AI by 221.1% in the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock worth $1,976,000 after purchasing an additional 676,799 shares in the last quarter. Quadrature Capital Ltd acquired a new stake in SoundHound AI in the 3rd quarter worth about $457,000. Finally, PFG Investments LLC acquired a new stake in SoundHound AI in the 1st quarter worth about $1,335,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Up 5.8 %

Shares of NASDAQ SOUN opened at $4.40 on Friday. The company’s 50 day simple moving average is $5.49 and its 200 day simple moving average is $3.21. SoundHound AI has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The firm has a market capitalization of $1.36 billion, a P/E ratio of -11.28 and a beta of 2.75. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share 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 net margin of 188.57% and a negative return on equity of 1,955.68%. The company’s quarterly revenue was up 80.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) earnings per share. On average, analysts predict that SoundHound AI will post -0.3 EPS for the current year.

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.