SoundHound AI’s (SOUN) Outperform Rating Reiterated at Wedbush

Wedbush reiterated their outperform rating on shares of SoundHound AI (NASDAQ:SOUN) in a research report released on Thursday, Benzinga reports. Wedbush currently has a $9.00 target price on the stock.

SOUN has been the subject of a number of other research reports. HC Wainwright reiterated a buy rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Cantor Fitzgerald raised shares of SoundHound AI from a neutral rating to an overweight rating and boosted their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, Northland Securities raised their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a market perform rating in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $7.08.

SoundHound AI Stock Performance

SoundHound AI stock opened at $4.78 on Thursday. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -12.58 and a beta of 2.74. SoundHound AI has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The stock’s fifty day moving average is $4.84 and its two-hundred day moving average is $4.95.

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

Insider Activity

In related news, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at $5,071,266.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at $5,071,266.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the sale, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. The disclosure for this sale can be found here. Insiders sold 535,275 shares of company stock valued at $2,802,644 in the last ninety days. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after acquiring an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC boosted its stake in shares of SoundHound AI by 47.7% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares during the period. Baupost Group LLC MA acquired a new stake in SoundHound AI during the 1st quarter valued at $6,659,000. Bank of New York Mellon Corp increased its stake in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in SoundHound AI by 563.0% in the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 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 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.