SoundHound AI (NASDAQ:SOUN) Price Target Raised to $13.00 at DA Davidson

SoundHound AI (NASDAQ:SOUN) had its price objective boosted by DA Davidson from $9.50 to $13.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s price objective would suggest a potential upside of 20.21% from the stock’s current price.

SOUN has been the subject of several other reports. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday. Finally, Northland Securities increased their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN traded up $1.60 during mid-day trading on Friday, reaching $10.81. The company had a trading volume of 54,022,377 shares, compared to its average volume of 55,586,898. The company’s 50-day moving average price is $15.41 and its 200-day moving average price is $9.84. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI has a one year low of $3.50 and a one year high of $24.98. The firm has a market cap of $4.25 billion, a price-to-earnings ratio of -30.36 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, equities research analysts anticipate that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, VP Majid Emami sold 94,067 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,722,918 shares of company stock valued at $44,935,943 in the last three months. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently bought and sold shares of the business. Creative Planning acquired a new stake in shares of SoundHound AI in the third quarter valued at approximately $91,000. International Assets Investment Management LLC boosted its holdings in SoundHound AI by 914.6% in the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after purchasing an additional 72,252 shares during the period. Nisa Investment Advisors LLC lifted its holdings in SoundHound AI by 2,198.7% during the 3rd quarter. Nisa Investment Advisors LLC now owns 88,111 shares of the company’s stock worth $411,000 after buying an additional 84,278 shares during the last quarter. Financial Advocates Investment Management lifted its holdings in SoundHound AI by 6.3% during the 3rd quarter. Financial Advocates Investment Management now owns 46,685 shares of the company’s stock worth $218,000 after buying an additional 2,750 shares during the last quarter. Finally, Focus Financial Network Inc. purchased a new stake in SoundHound AI during the 3rd quarter worth about $120,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

About SoundHound AI

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.