SoundHound AI, Inc. (NASDAQ:SOUN) Receives $12.86 Average PT from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has received a consensus recommendation of “Hold” from the seven research firms that are presently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $12.86.

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Northland Securities increased their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. HC Wainwright restated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, DA Davidson lifted their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th.

Insider Activity at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the transaction, the director now owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Michael Zagorsek sold 138,906 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $17.63, for a total value of $2,448,912.78. Following the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $25,974,666.86. This represents a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 999,777 shares of company stock worth $20,062,443 in the last 90 days. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in SOUN. Blue Trust Inc. increased its stake in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC grew its holdings in shares of SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the period. Orion Capital Management LLC acquired a new stake in SoundHound AI during the fourth quarter worth about $30,000. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the fourth quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in SoundHound AI in the 4th quarter valued at about $40,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Down 2.4 %

Shares of SOUN stock opened at $8.91 on Tuesday. The stock’s fifty day moving average price is $13.05 and its 200 day moving average price is $10.15. SoundHound AI has a 1-year low of $3.50 and a 1-year high of $24.98. The company has a market cap of $3.50 billion, a price-to-earnings ratio of -24.75 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. On average, research analysts expect that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

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.