Wedbush Issues Positive Forecast for SoundHound AI (NASDAQ:SOUN) Stock Price

SoundHound AI (NASDAQ:SOUN) had its target price boosted by Wedbush from $10.00 to $22.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

Several other brokerages have also recently issued reports on SOUN. HC Wainwright lifted their price target on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $9.50.

SoundHound AI Price Performance

SoundHound AI stock opened at $19.69 on Monday. The firm has a fifty day moving average of $7.78 and a 200-day moving average of $5.80. SoundHound AI has a 52-week low of $1.62 and a 52-week high of $19.97. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $7.28 billion, a P/E ratio of -54.69 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the firm earned ($0.09) earnings per share. The company’s revenue was up 88.7% on a year-over-year basis. As a group, analysts predict that SoundHound AI will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, Director Lawrence Marcus sold 25,000 shares of the firm’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $14.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now directly owns 128,117 shares of the company’s stock, valued at approximately $1,793,638. This trade represents a 16.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Michael Zagorsek sold 42,001 shares of the company’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 $204,964.88. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $7,189,811.36. The trade was a 2.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,060,416 shares of company stock valued at $26,684,544 in the last quarter. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. boosted its stake in shares of SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC grew its stake in SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after buying an additional 1,975 shares during the last quarter. Signaturefd LLC increased its holdings in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. raised its stake in shares of SoundHound AI by 24.7% in the second 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 during the last quarter. Finally, Wolverine Asset Management LLC boosted its holdings in shares of SoundHound AI by 7.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after acquiring an additional 2,522 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.