SoundHound AI, Inc. (NASDAQ:SOUN) Receives $17.07 Consensus PT from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have earned an average rating of “Moderate Buy” from the ten ratings firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, five have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $16.0714.

A number of research analysts recently commented on the company. Piper Sandler lowered their price target on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. HC Wainwright lifted their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. DA Davidson set a $14.00 target price on shares of SoundHound AI in a report on Thursday. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the company from $13.00 to $15.00 in a research note on Friday, December 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th.

SoundHound AI Stock Performance

SOUN opened at $11.75 on Monday. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of -13.99 and a beta of 2.65. The firm’s fifty day moving average is $11.92 and its 200 day moving average is $13.55. SoundHound AI has a fifty-two week low of $6.52 and a fifty-two week high of $22.17.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The business had revenue of $42.05 million during the quarter, compared to analyst estimates of $40.48 million. During the same quarter in the prior year, the business posted ($0.04) EPS. SoundHound AI’s revenue for the quarter was up 67.6% compared to the same quarter last year. On average, equities research analysts predict that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, SVP Majid Emami sold 32,741 shares of the business’s stock in a transaction dated Friday, December 26th. The stock was sold at an average price of $10.66, for a total value of $349,019.06. Following the sale, the senior vice president directly owned 532,845 shares in the company, valued at approximately $5,680,127.70. The trade was a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 31,329 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $353,391.12. Following the transaction, the chief technology officer owned 575,976 shares of the company’s stock, valued at $6,497,009.28. This represents a 5.16% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 492,965 shares of company stock valued at $6,140,981. 9.17% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Danske Bank A S purchased a new stake in shares of SoundHound AI in the third quarter valued at about $26,000. Investors Research Corp raised its stake in SoundHound AI by 62.4% during the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after purchasing an additional 700 shares during the period. Financial Consulate Inc. acquired a new position in SoundHound AI in the 3rd quarter valued at about $32,000. Sound Income Strategies LLC grew its stake in shares of SoundHound AI by 37.3% in the 3rd quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock valued at $34,000 after buying an additional 575 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after buying an additional 1,060 shares during the period. Institutional investors own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.