SoundHound AI (NASDAQ:SOUN) Given Outperform Rating at Wedbush

Wedbush restated their outperform rating on shares of SoundHound AI (NASDAQ:SOUN) in a report published on Thursday morning,Benzinga reports. They currently have a $16.00 target price on the stock.

Other research analysts have also issued reports about the company. Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price objective on the stock in a report on Friday, August 8th. DA Davidson upped their price objective on SoundHound AI from $15.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday. Northland Capmk raised SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. Piper Sandler reaffirmed a “neutral” rating and issued a $12.00 price objective on shares of SoundHound AI in a report on Monday, July 14th. Finally, Wall Street Zen lowered SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and an average target price of $14.36.

SoundHound AI Stock Up 3.8%

NASDAQ:SOUN opened at $14.58 on Thursday. The firm has a market capitalization of $5.94 billion, a price-to-earnings ratio of -23.14 and a beta of 2.58. SoundHound AI has a twelve month low of $4.45 and a twelve month high of $24.98. The stock’s 50 day moving average price is $12.67 and its two-hundred day moving average price is $10.56.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The company had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The firm’s revenue for the quarter was up 216.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.11) EPS. SoundHound AI has set its FY 2025 guidance at EPS. As a group, analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Activity

In other news, COO Michael Zagorsek sold 117,180 shares of the company’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,096,804.80. Following the completion of the sale, the chief operating officer directly owned 1,346,455 shares in the company, valued at approximately $12,602,818.80. This represents a 8.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 254,376 shares of the company’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $2,380,959.36. Following the sale, the chief executive officer owned 1,749,790 shares of the company’s stock, valued at approximately $16,378,034.40. The trade was a 12.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 780,965 shares of company stock worth $7,350,999. 9.17% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of the business. Osaic Holdings Inc. lifted its position in shares of SoundHound AI by 14.0% during the 2nd quarter. Osaic Holdings Inc. now owns 498,691 shares of the company’s stock worth $5,351,000 after buying an additional 61,212 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of SoundHound AI during the 2nd quarter worth $157,000. Newbridge Financial Services Group Inc. lifted its position in shares of SoundHound AI by 6.3% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 31,050 shares of the company’s stock worth $333,000 after buying an additional 1,850 shares during the last quarter. Marex Group plc bought a new stake in shares of SoundHound AI during the 2nd quarter worth $3,728,000. Finally, Tyler Stone Wealth Management lifted its position in shares of SoundHound AI by 20.7% during the 2nd quarter. Tyler Stone Wealth Management now owns 32,190 shares of the company’s stock worth $345,000 after buying an additional 5,510 shares during the last quarter. 19.28% of the stock is currently owned by 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.