SoundHound AI, Inc. (NASDAQ:SOUN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been given an average rating of “Moderate Buy” by the six analysts that are currently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $6.88.

Several research firms have issued reports on SOUN. HC Wainwright upped their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Wedbush upped their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. DA Davidson upped their price target 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, Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research report on Thursday, April 11th.

Insider Activity

In other news, CTO Timothy Stonehocker sold 5,276 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the completion of the sale, the chief technology officer now owns 982,584 shares of the company’s stock, valued at approximately $7,565,896.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the sale, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at approximately $7,565,896.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The disclosure for this sale can be found here. Insiders sold 405,057 shares of company stock valued at $2,587,804 in the last quarter. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Good Life Advisors LLC purchased a new stake in SoundHound AI during the 4th quarter valued at approximately $174,000. Raymond James & Associates grew its holdings in SoundHound AI by 221.1% during the 3rd 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 in the last quarter. Vanguard Group Inc. grew its holdings in SoundHound AI by 18.6% during the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after buying an additional 2,064,340 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in SoundHound AI during the 3rd quarter valued at approximately $457,000. Finally, Victory Capital Management Inc. grew its holdings in 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 buying an additional 6,717 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $4.40 on Friday. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -11.28 and a beta of 2.75. The firm’s 50-day moving average is $5.49 and its 200 day moving average is $3.21. SoundHound AI has a 1 year low of $1.49 and a 1 year high of $10.25. 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 posted its 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 company had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. SoundHound AI’s revenue was up 80.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.15) EPS. Sell-side analysts anticipate that SoundHound AI will post -0.3 EPS for the current fiscal 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.