HC Wainwright Forecasts Strong Price Appreciation for SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI (NASDAQ:SOUN) had its price objective increased by equities research analysts at HC Wainwright from $7.00 to $8.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 27.59% from the company’s current price.

Other analysts also recently issued research reports about the stock. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities boosted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Finally, DA Davidson reaffirmed a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Trading Down 17.1 %

Shares of SoundHound AI stock opened at $6.27 on Thursday. The company has a fifty day simple moving average of $5.21 and a 200-day simple moving average of $4.93. The stock has a market cap of $2.25 billion, a price-to-earnings ratio of -17.42 and a beta of 2.71. SoundHound AI has a 12-month low of $1.62 and a 12-month high of $10.25.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.02. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 73.21%. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. On average, analysts forecast that SoundHound AI will post -0.36 earnings per share for the current fiscal year.

Insider Activity

In other SoundHound AI news, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the sale, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider James Ming Hom sold 21,024 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the sale, the chief technology officer now directly owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock worth $1,606,644 over the last three months. 12.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of SOUN. Janney Montgomery Scott LLC purchased a new position in SoundHound AI during the first quarter worth approximately $109,000. Concurrent Investment Advisors LLC acquired a new position in SoundHound AI in the first quarter valued at $199,000. Avantax Advisory Services Inc. acquired a new position in SoundHound AI in the first quarter valued at $63,000. ARK & TLK Investments LLC purchased a new stake in SoundHound AI during the first quarter valued at about $74,000. Finally, Viawealth LLC purchased a new position in shares of SoundHound AI in the 1st quarter worth about $65,000. 19.28% of the stock is owned by institutional investors and hedge funds.

About SoundHound AI

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.