Piper Sandler Lowers SoundHound AI (NASDAQ:SOUN) Price Target to $6.00

SoundHound AI (NASDAQ:SOUN) had its price objective cut by research analysts at Piper Sandler from $7.00 to $6.00 in a report issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s target price would suggest a potential downside of 2.20% from the company’s previous close.

SOUN has been the subject of a number of other research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of SoundHound AI in a report on Friday, September 11th. DA Davidson decreased their price objective on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Finally, Wall Street Zen raised shares of SoundHound AI from a “strong sell” rating to a “sell” rating in a research report on Sunday, September 13th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $12.75.

SoundHound AI Price Performance

NASDAQ:SOUN traded down $0.04 during trading hours on Tuesday, reaching $6.13. 5,790,206 shares of the company were exchanged, compared to its average volume of 28,069,891. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of -16.09 and a beta of 2.66. The stock has a 50 day simple moving average of $6.67 and a 200 day simple moving average of $7.19. SoundHound AI has a 52-week low of $5.65 and a 52-week high of $22.17.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. The business had revenue of $61.90 million during the quarter, compared to the consensus estimate of $52.38 million. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.The business’s revenue for the quarter was up 45.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.19) EPS. On average, analysts predict that SoundHound AI will post -0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 137,290 shares of SoundHound AI stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total value of $869,045.70. Following the completion of the sale, the chief executive officer owned 3,684,947 shares in the company, valued at approximately $23,325,714.51. The trade was a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 38,730 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total transaction of $245,160.90. Following the transaction, the senior vice president owned 834,253 shares in the company, valued at $5,280,821.49. This trade represents a 4.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 288,758 shares of company stock valued at $1,828,598. Company insiders own 8.84% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently bought and sold shares of the company. Prospera Financial Services Inc grew its stake in SoundHound AI by 5.9% in the fourth quarter. Prospera Financial Services Inc now owns 30,690 shares of the company’s stock valued at $306,000 after purchasing an additional 1,699 shares in the last quarter. Hilltop Holdings Inc. lifted its stake in shares of SoundHound AI by 3.5% in the 1st quarter. Hilltop Holdings Inc. now owns 51,358 shares of the company’s stock valued at $353,000 after purchasing an additional 1,753 shares during the last quarter. Sterling Investment Counsel LLC lifted its stake in shares of SoundHound AI by 10.5% in the 1st quarter. Sterling Investment Counsel LLC now owns 22,787 shares of the company’s stock valued at $157,000 after purchasing an additional 2,173 shares during the last quarter. Empowered Funds LLC boosted its holdings in SoundHound AI by 19.6% in the first quarter. Empowered Funds LLC now owns 13,896 shares of the company’s stock worth $95,000 after purchasing an additional 2,277 shares in the last quarter. Finally, Hollencrest Capital Management boosted its holdings in SoundHound AI by 197.5% in the first quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock worth $25,000 after purchasing an additional 2,400 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.