SoundHound AI (NASDAQ:SOUN) Now Covered by Analysts at Oppenheimer

Oppenheimer assumed coverage on shares of SoundHound AI (NASDAQ:SOUN) in a report issued on Thursday, MarketBeat Ratings reports. The firm issued a market perform rating on the stock.

Several other research analysts also recently issued reports on the stock. DA Davidson upped their price target on shares of SoundHound AI from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday. Wedbush reaffirmed an “outperform” rating and issued a $16.00 price target on shares of SoundHound AI in a research report on Thursday. Northland Capmk raised shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 8th. Northland Securities upgraded shares of SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price objective for the company in a research note on Friday, August 8th. Finally, Piper Sandler reissued a “neutral” rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and a consensus target price of $14.36.

SoundHound AI Trading Up 3.8%

SoundHound AI stock opened at $14.58 on Thursday. SoundHound AI has a 12 month low of $4.45 and a 12 month high of $24.98. The stock’s 50 day moving average is $12.67 and its 200-day moving average is $10.56. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of -23.14 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly 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). The company had revenue of $42.68 million during the quarter, compared to the consensus estimate of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The company’s quarterly revenue was up 216.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 254,376 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the completion of the sale, the chief executive officer directly owned 1,749,790 shares of the company’s stock, valued at approximately $16,378,034.40. This represents a 12.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Nitesh Sharan sold 111,111 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the completion of the sale, the chief financial officer directly owned 1,442,900 shares of the company’s stock, valued at approximately $13,505,544. This trade represents a 7.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 780,965 shares of company stock valued at $7,350,999. 9.17% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of SOUN. Vanguard Group Inc. grew its stake in SoundHound AI by 9.5% during the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock valued at $284,687,000 after acquiring an additional 3,028,281 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of SoundHound AI by 8.3% in the 2nd quarter. Geode Capital Management LLC now owns 8,830,144 shares of the company’s stock valued at $94,759,000 after purchasing an additional 679,436 shares in the last quarter. State Street Corp raised its holdings in shares of SoundHound AI by 9.1% in the 2nd quarter. State Street Corp now owns 8,476,348 shares of the company’s stock valued at $90,951,000 after purchasing an additional 708,369 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of SoundHound AI by 1.0% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,024,632 shares of the company’s stock worth $53,906,000 after acquiring an additional 50,904 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of SoundHound AI by 2.5% during the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company’s stock worth $24,190,000 after acquiring an additional 72,766 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.