SoundHound AI (NASDAQ:SOUN) Upgraded at Northland Securities

Northland Securities upgraded shares of SoundHound AI (NASDAQ:SOUN) from a market perform rating to an outperform rating in a research note issued to investors on Friday morning, MarketBeat Ratings reports. The firm currently has $14.50 price objective on the stock.

SOUN has been the topic of several other research reports. DA Davidson lowered their price objective on shares of 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 lowered their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Wedbush lowered their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a research report on Friday, May 9th. Finally, Piper Sandler restated a “neutral” rating and set a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Price Performance

NASDAQ SOUN opened at $13.55 on Friday. SoundHound AI has a 1 year low of $4.32 and a 1 year high of $24.98. The stock has a market capitalization of $5.44 billion, a PE ratio of -21.51 and a beta of 2.57. The company’s 50 day simple moving average is $10.76 and its two-hundred day simple moving average is $10.45.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 77.38% and a negative net margin of 171.81%. The firm had revenue of $42.68 million during the quarter, compared to analysts’ expectations of $32.88 million. During the same quarter in the prior year, the company earned ($0.11) earnings per share. The business’s revenue for the quarter was up 216.3% compared to the same quarter last year. On average, research analysts anticipate that SoundHound AI will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In related news, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the transaction, the chief financial officer owned 1,442,900 shares of the company’s stock, valued at approximately $13,505,544. This trade represents a 7.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 132,352 shares of the stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the transaction, the vice president directly owned 537,482 shares in the company, valued at approximately $5,396,319.28. This represents a 19.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 957,474 shares of company stock worth $9,209,697 in the last 90 days. Corporate insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently made changes to their positions in the business. Orion Capital Management LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at $30,000. AlphaQuest LLC bought a new stake in SoundHound AI in the 1st quarter worth $32,000. Huntington National Bank grew its holdings in SoundHound AI by 48.8% in the 2nd quarter. Huntington National Bank now owns 3,050 shares of the company’s stock worth $33,000 after acquiring an additional 1,000 shares during the last quarter. Golden State Wealth Management LLC grew its holdings in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock worth $34,000 after acquiring an additional 2,115 shares during the last quarter. Finally, Kozak & Associates Inc. grew its holdings in SoundHound AI by 6,249.0% in the 2nd quarter. Kozak & Associates Inc. now owns 3,238 shares of the company’s stock worth $35,000 after acquiring an additional 3,187 shares during the last quarter. Institutional investors 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.