Brokerages Set SoundHound AI, Inc. (NASDAQ:SOUN) Price Target at $10.50

SoundHound AI, Inc. (NASDAQ:SOUN) has earned an average rating of “Hold” from the eight research firms that are currently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $10.50.

A number of equities analysts have recently commented on SOUN shares. Wedbush lowered their price objective on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Piper Sandler reaffirmed a “neutral” rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday. HC Wainwright lowered their price target on SoundHound AI from $26.00 to $18.00 and set a “buy” rating for the company in a report on Monday, May 12th. Finally, DA Davidson lowered their price target on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a report on Monday, April 14th.

Insiders Place Their Bets

In other news, insider James Ming Hom sold 79,530 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $744,400.80. Following the completion of the sale, the insider directly owned 637,560 shares of the company’s stock, valued at approximately $5,967,561.60. This represents a 11.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,039,998.96. Following the completion of the sale, the chief financial officer directly owned 1,442,900 shares of the company’s stock, valued at $13,505,544. The trade was a 7.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently modified their holdings of SOUN. Yarbrough Capital LLC purchased a new stake in shares of SoundHound AI during the first quarter worth approximately $1,258,000. Deutsche Bank AG raised its stake in shares of SoundHound AI by 64.2% during the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company’s stock worth $5,249,000 after purchasing an additional 103,450 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of SoundHound AI during the fourth quarter worth approximately $41,595,000. Bulltick Wealth Management LLC purchased a new stake in shares of SoundHound AI during the fourth quarter worth approximately $2,611,000. Finally, Vanguard Group Inc. raised its stake in shares of SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $11.78 on Monday. SoundHound AI has a one year low of $3.94 and a one year high of $24.98. The company has a market cap of $4.73 billion, a PE ratio of -21.42 and a beta of 2.59. The business has a 50-day simple moving average of $10.40 and a 200-day simple moving average of $11.14.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The business had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. During the same period in the previous year, the company posted ($0.07) earnings per share. The business’s revenue for the quarter was up 151.2% on a year-over-year basis. On average, sell-side analysts predict 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.