SoundHound AI (NASDAQ:SOUN) Rating Reiterated by HC Wainwright

SoundHound AI (NASDAQ:SOUN)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research note issued on Monday, Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s price target would indicate a potential upside of 35.40% from the company’s current price.

Several other research analysts also recently commented on the company. Northland Securities boosted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $5.00 to $7.00 in a research note on Friday. Finally, Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Price Performance

Shares of NASDAQ SOUN traded up $0.30 during midday trading on Monday, reaching $5.17. 40,539,321 shares of the company traded hands, compared to its average volume of 40,061,480. SoundHound AI has a 12 month low of $1.49 and a 12 month high of $10.25. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84. The stock’s 50-day simple moving average is $4.62 and its 200-day simple moving average is $4.68. The firm has a market cap of $1.70 billion, a PE ratio of -13.74 and a beta of 2.77.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The company’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) EPS. As a group, equities analysts anticipate that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at approximately $3,792,303.25. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Keyvan Mohajer sold 116,504 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the transaction, the chief executive officer now owns 953,333 shares of the company’s stock, valued at approximately $3,765,665.35. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the sale, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The disclosure for this sale can be found here. Insiders sold a total of 625,728 shares of company stock worth $3,011,476 over the last 90 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 stock. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its holdings in SoundHound AI by 47.7% in the fourth 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 during the period. Baupost Group LLC MA bought a new position in shares of SoundHound AI during the first quarter worth $6,659,000. Bank of New York Mellon Corp boosted its position in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of SoundHound AI by 563.0% in the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 shares during the period. Institutional investors and hedge funds 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.