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

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been assigned a consensus recommendation of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $7.08.

Several analysts have recently weighed in on the stock. Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Friday, August 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $4.88 on Tuesday. SoundHound AI has a one year low of $1.49 and a one year high of $10.25. The company has a fifty day moving average price of $4.87 and a 200 day moving average price of $4.98. The stock has a market cap of $1.61 billion, a P/E ratio of -12.84 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the previous year, the business posted ($0.10) EPS. The firm’s quarterly revenue was up 53.8% on a year-over-year basis. As a group, equities research analysts anticipate that SoundHound AI will post -0.36 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at approximately $3,792,303.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. lifted its holdings in shares of SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after purchasing an additional 2,000 shares in the last quarter. Genesee Capital Advisors LLC raised its holdings in shares of SoundHound AI by 11.4% during the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after acquiring an additional 2,000 shares during the period. Signaturefd LLC raised its holdings in shares of SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after acquiring an additional 2,200 shares during the period. Newbridge Financial Services Group Inc. lifted its position in SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after acquiring an additional 2,320 shares in the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in SoundHound AI by 13.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock worth $82,000 after purchasing an additional 2,500 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Company Profile

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.