SoundHound AI (NASDAQ:SOUN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of SoundHound AI (NASDAQ:SOUN) from a strong sell rating to a sell rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other equities analysts have also weighed in on SOUN. Weiss Ratings upgraded SoundHound AI from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 15th. Yorkville Ives initiated coverage on SoundHound AI in a report on Monday, October 5th. They issued an “in-line” rating and a $6.50 price target on the stock. DA Davidson dropped their price target on SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Finally, Piper Sandler cut their price objective on SoundHound AI from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, September 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.50.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $4.24 on Friday. The firm has a fifty day moving average price of $6.01 and a two-hundred day moving average price of $7.34. The company has a market cap of $1.88 billion, a price-to-earnings ratio of -11.16 and a beta of 2.73. SoundHound AI has a one year low of $4.20 and a one year high of $19.09.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. The company had revenue of $61.90 million for 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 firm’s revenue was up 45.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.19) earnings per share. Equities research analysts expect that SoundHound AI will post -0.40 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, SVP Majid Emami sold 38,730 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $6.33, for a total value of $245,160.90. Following the completion of the transaction, the senior vice president directly owned 834,253 shares in the company, valued at approximately $5,280,821.49. This represents a 4.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Hom sold 38,730 shares of the stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total value of $245,160.90. Following the transaction, the insider owned 1,105,555 shares in the company, valued at $6,998,163.15. This trade represents a 3.38% 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 three months, insiders sold 288,758 shares of company stock worth $1,828,598. 8.84% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Hilltop Holdings Inc. lifted its stake in SoundHound AI by 3.5% during the 1st quarter. Hilltop Holdings Inc. now owns 51,358 shares of the company’s stock valued at $353,000 after acquiring an additional 1,753 shares during the period. Empowered Funds LLC boosted its holdings in shares of SoundHound AI by 19.6% during the 1st 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 last quarter. Hollencrest Capital Management grew its stake in shares of 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 acquiring an additional 2,400 shares during the period. Keynote Financial Services LLC grew its stake in shares of SoundHound AI by 6.9% in the first quarter. Keynote Financial Services LLC now owns 37,321 shares of the company’s stock worth $256,000 after acquiring an additional 2,405 shares during the period. Finally, Allworth Financial LP grew its stake in shares of SoundHound AI by 12.7% in the second quarter. Allworth Financial LP now owns 22,539 shares of the company’s stock worth $146,000 after acquiring an additional 2,537 shares during the period. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

SoundHound AI, Inc develops voice artificial intelligence and conversational intelligence technologies. Its platform is designed to enable people to interact with devices, applications and services using natural language, with capabilities including speech recognition, language understanding and conversational response generation.

The company’s offerings include the Houndify platform, which businesses can use to create branded voice assistants and conversational interfaces. SoundHound AI also provides voice-enabled solutions for industries such as automotive, restaurants and customer service, allowing users to access information, control functions, place orders and engage with businesses through voice interactions.