SoundHound AI, Inc. (NASDAQ:SOUN) Receives $17.42 Average Target Price from Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have earned an average recommendation of “Moderate Buy” from the ten analysts that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $17.0714.

A number of equities research analysts recently weighed in on SOUN shares. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Oppenheimer assumed coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They issued a “market perform” rating on the stock. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $13.00 to $15.00 in a research note on Friday. Wedbush restated an “outperform” rating and issued a $16.00 target price on shares of SoundHound AI in a research note on Thursday, September 11th. Finally, HC Wainwright upped their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, October 16th.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 70,524 shares of the stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $1,410,480.00. Following the sale, the chief technology officer directly owned 606,525 shares in the company, valued at $12,130,500. This represents a 10.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michael Zagorsek sold 69,837 shares of SoundHound AI stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total value 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 $29,772,640. This represents a 3.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 787,260 shares of company stock worth $13,973,056. Company insiders own 9.17% of the company’s stock.

Institutional Trading of SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Vanguard Group Inc. raised its stake in SoundHound AI by 16.4% in the third quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock valued at $698,798,000 after purchasing an additional 6,132,648 shares in the last quarter. Geode Capital Management LLC raised its position in shares of SoundHound AI by 8.3% during the 2nd quarter. Geode Capital Management LLC now owns 8,830,144 shares of the company’s stock valued at $94,759,000 after buying an additional 679,436 shares in the last quarter. State Street Corp lifted its holdings in shares of SoundHound AI by 9.1% during the 2nd quarter. State Street Corp now owns 8,476,348 shares of the company’s stock worth $90,951,000 after acquiring an additional 708,369 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in SoundHound AI by 13.4% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company’s stock worth $91,604,000 after acquiring an additional 672,714 shares in the last quarter. Finally, Northern Trust Corp increased its stake in SoundHound AI by 1.2% in the third quarter. Northern Trust Corp now owns 3,181,651 shares of the company’s stock valued at $51,161,000 after acquiring an additional 38,966 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $11.65 on Thursday. SoundHound AI has a fifty-two week low of $6.52 and a fifty-two week high of $24.98. The firm’s fifty day moving average price is $15.04 and its two-hundred day moving average price is $13.38. The stock has a market cap of $4.89 billion, a PE ratio of -13.87 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.06. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The business had revenue of $42.05 million for the quarter, compared to the consensus estimate of $40.48 million. During the same period last year, the company earned ($0.04) EPS. The firm’s revenue was up 67.6% compared to the same quarter last year. As a group, sell-side analysts predict that SoundHound AI will post -0.38 earnings per share 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.