SoundHound AI’s (SOUN) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of SoundHound AI (NASDAQ:SOUN) in a report released on Monday,Benzinga reports. The firm currently has a $26.00 target price on the stock.

A number of other analysts have also recently issued reports on SOUN. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson reiterated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $13.89 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a 50-day simple moving average of $13.59 and a two-hundred day simple moving average of $7.97. The firm has a market capitalization of $5.14 billion, a PE ratio of -38.58 and a beta of 2.63. SoundHound AI has a 52-week low of $1.62 and a 52-week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.09) EPS. Analysts forecast that SoundHound AI will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the transaction, the director now directly owns 451,756 shares of the company’s stock, valued at approximately $5,421,072. This trade represents a 9.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in SOUN. NBC Securities Inc. lifted its holdings in shares of SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares during the last quarter. Amalgamated Bank raised its position in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI in the 4th quarter valued at approximately $40,000. Farther Finance Advisors LLC boosted its holdings in shares of SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares during the period. Finally, Sei Investments Co. bought a new position in shares of SoundHound AI during the 2nd quarter valued at approximately $43,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.