SoundHound AI, Inc. (NASDAQ:SOUN) Receives $12.43 Consensus Target Price from Analysts

SoundHound AI, Inc. (NASDAQ:SOUN) has been assigned an average rating of “Hold” from the seven ratings firms that are covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $12.43.

Several research firms have commented on SOUN. DA Davidson cut their price target on SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Northland Securities raised their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th.

SoundHound AI Stock Up 2.6 %

Shares of NASDAQ:SOUN opened at $9.39 on Wednesday. The firm has a 50 day simple moving average of $8.95 and a 200-day simple moving average of $11.16. SoundHound AI has a twelve month low of $3.82 and a twelve month high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.75 billion, a PE ratio of -26.08 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to analysts’ expectations 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 analysts predict that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in SoundHound AI during the fourth quarter worth about $41,595,000. Invesco Ltd. lifted its position in shares of SoundHound AI by 1,386.2% during the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after acquiring an additional 1,289,360 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of SoundHound AI during the 4th quarter valued at approximately $16,421,000. Finally, Capital Fund Management S.A. purchased a new stake in shares of SoundHound AI during the 4th quarter worth approximately $16,092,000. Hedge funds and other institutional investors 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.