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

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been assigned an average recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, five have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $14.9286.

A number of research analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. DA Davidson restated a “buy” rating and set a $14.00 price target on shares of SoundHound AI in a report on Wednesday, April 22nd. Finally, LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $6.14 on Friday. The stock’s 50 day simple moving average is $6.99 and its 200 day simple moving average is $7.77. SoundHound AI has a twelve month low of $5.65 and a twelve month high of $22.17. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of -13.06 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The company had revenue of $44.20 million for the quarter, compared to the consensus estimate of $42.56 million. During the same period in the previous year, the company earned ($0.06) EPS. The firm’s revenue for the quarter was up 51.7% compared to the same quarter last year. On average, analysts forecast that SoundHound AI will post -0.45 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 18,802 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $140,262.92. Following the sale, the chief technology officer owned 502,290 shares of the company’s stock, valued at $3,747,083.40. This trade represents a 3.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Ming Hom sold 28,843 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $7.46, for a total value of $215,168.78. Following the completion of the sale, the insider directly owned 743,521 shares of the company’s stock, valued at $5,546,666.66. This represents a 3.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 268,022 shares of company stock worth $1,999,444. Insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Handelsbanken Fonder AB increased its holdings in shares of SoundHound AI by 17.4% during the 2nd quarter. Handelsbanken Fonder AB now owns 124,000 shares of the company’s stock worth $802,000 after purchasing an additional 18,400 shares during the period. Focus Financial Network Inc. lifted its stake in shares of SoundHound AI by 21.4% in the second quarter. Focus Financial Network Inc. now owns 48,229 shares of the company’s stock valued at $312,000 after buying an additional 8,516 shares during the period. IFC & Insurance Marketing Inc. grew its position in SoundHound AI by 17.9% during the second quarter. IFC & Insurance Marketing Inc. now owns 42,255 shares of the company’s stock worth $273,000 after buying an additional 6,427 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its position in SoundHound AI by 19.2% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 118,662 shares of the company’s stock worth $768,000 after buying an additional 19,133 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in SoundHound AI by 19.6% during the first quarter. Empowered Funds LLC now owns 13,896 shares of the company’s stock valued at $95,000 after acquiring an additional 2,277 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.