SoundHound AI, Inc. (NASDAQ:SOUN) Receives $10.29 Consensus Target Price from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received a consensus recommendation of “Moderate Buy” from the eight brokerages that are covering the stock, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $10.50.

SOUN has been the topic of several research reports. Wedbush dropped their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday, May 9th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. HC Wainwright dropped their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a report on Monday, May 12th. DA Davidson dropped their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, Piper Sandler initiated coverage on shares of SoundHound AI in a report on Tuesday. They set an “overweight” rating and a $12.00 price objective on the stock.

SoundHound AI Stock Performance

Shares of SOUN opened at $10.53 on Friday. The company has a market capitalization of $4.23 billion, a PE ratio of -29.25 and a beta of 2.71. SoundHound AI has a one year low of $3.82 and a one year high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company’s fifty day moving average price is $9.15 and its 200 day moving average price is $11.75.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. During the same quarter last year, the firm posted ($0.07) EPS. The business’s quarterly revenue was up 151.2% on a year-over-year basis. As a group, analysts expect that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Activity

In other news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now directly owns 689,652 shares in the company, valued at approximately $6,827,554.80. The trade was a 3.95% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 3,333 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $33,596.64. Following the sale, the chief technology officer now owns 765,534 shares in the company, valued at approximately $7,716,582.72. This trade represents a 0.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 548,537 shares of company stock worth $5,567,760. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its position in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC boosted its position in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new position in SoundHound AI in the fourth quarter valued at about $30,000. AlphaQuest LLC acquired a new position in SoundHound AI in the first quarter valued at about $32,000. Finally, Golden State Wealth Management LLC boosted its position in SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock valued at $34,000 after buying an additional 2,115 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.