SoundHound AI (NASDAQ:SOUN) Price Target Cut to $10.00 by Analysts at DA Davidson

SoundHound AI (NASDAQ:SOUN) had its price objective trimmed by DA Davidson from $13.00 to $10.00 in a report released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also weighed in on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Northland Securities lifted their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Finally, Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI currently has an average rating of “Hold” and an average price target of $12.43.

SoundHound AI Stock Performance

Shares of SOUN opened at $8.15 on Monday. SoundHound AI has a 1 year low of $3.50 and a 1 year high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock’s fifty day moving average price is $9.99 and its two-hundred day moving average price is $10.86. The firm has a market cap of $3.25 billion, a PE ratio of -22.64 and a beta of 2.73.

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

Insider Buying and Selling

In other news, insider James Ming Hom sold 51,196 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the sale, the insider now owns 638,456 shares in the company, valued at approximately $6,544,174. This trade represents a 7.42 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 118,605 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the transaction, the chief executive officer now owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. This trade represents a 5.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock worth $4,999,726 over the last ninety days. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. FMR LLC lifted its stake in SoundHound AI by 112.8% during the third quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after purchasing an additional 25,989 shares during the last quarter. Stifel Financial Corp raised its holdings in shares of SoundHound AI by 122.4% during the 3rd quarter. Stifel Financial Corp now owns 148,970 shares of the company’s stock valued at $694,000 after buying an additional 81,990 shares in the last quarter. State Street Corp lifted its position in SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares during the last quarter. MML Investors Services LLC purchased a new stake in SoundHound AI in the third quarter worth approximately $86,000. Finally, Geode Capital Management LLC grew its position in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.