Piper Sandler Issues Positive Forecast for SoundHound AI (NASDAQ:SOUN) Stock Price

SoundHound AI (NASDAQ:SOUN) had its price objective upped by investment analysts at Piper Sandler from $12.00 to $15.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 5.41% from the company’s previous close.

A number of other equities analysts have also recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Wedbush restated an “outperform” rating and issued a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. Wall Street Zen cut shares of SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. DA Davidson raised their price target on SoundHound AI from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Wednesday, September 10th. Finally, HC Wainwright boosted their price target on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.93.

SoundHound AI Trading Down 9.5%

NASDAQ SOUN opened at $14.23 on Friday. The stock has a fifty day simple moving average of $16.64 and a 200-day simple moving average of $12.90. The stock has a market cap of $5.80 billion, a PE ratio of -22.59 and a beta of 2.60. SoundHound AI has a twelve month low of $5.86 and a twelve month high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $42.05 million for the quarter, compared to analysts’ expectations of $40.48 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. SoundHound AI’s revenue for the quarter was up 67.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.04) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. Research analysts predict that SoundHound AI will post -0.38 EPS for the current year.

Insider Buying and Selling

In other news, CFO Nitesh Sharan sold 60,376 shares of SoundHound AI stock in a transaction that occurred on Tuesday, October 14th. The shares were sold at an average price of $21.21, for a total value of $1,280,574.96. Following the completion of the sale, the chief financial officer directly owned 1,765,928 shares in the company, valued at $37,455,332.88. The trade was a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Michael Zagorsek sold 69,837 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the sale, the chief operating officer directly owned 1,860,790 shares of the company’s stock, valued at approximately $29,772,640. The trade was a 3.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 785,917 shares of company stock worth $13,955,610 in the last three months. 9.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank raised its stake in shares of SoundHound AI by 13.7% during the first quarter. Amalgamated Bank now owns 11,162 shares of the company’s stock valued at $91,000 after acquiring an additional 1,343 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in shares of SoundHound AI during the first quarter worth $399,000. Bank of New York Mellon Corp boosted its holdings in SoundHound AI by 5.6% in the first quarter. Bank of New York Mellon Corp now owns 919,854 shares of the company’s stock worth $7,469,000 after acquiring an additional 49,011 shares in the last quarter. Allworth Financial LP grew its position in SoundHound AI by 11.6% during the 1st quarter. Allworth Financial LP now owns 11,062 shares of the company’s stock worth $90,000 after purchasing an additional 1,153 shares during the last quarter. Finally, Alps Advisors Inc. grew its holdings in shares of SoundHound AI by 35.9% during the first quarter. Alps Advisors Inc. now owns 93,288 shares of the company’s stock valued at $757,000 after buying an additional 24,632 shares during the last quarter. 19.28% of the stock is owned by 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.