HC Wainwright Increases SoundHound AI (NASDAQ:SOUN) Price Target to $26.00

SoundHound AI (NASDAQ:SOUN) had its target price hoisted by equities research analysts at HC Wainwright from $18.00 to $26.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price target would indicate a potential upside of 36.70% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a “neutral” rating to a “buy” rating and boosted their target price for the company from $9.00 to $16.00 in a research report on Monday, August 11th. Piper Sandler restated a “neutral” rating and set a $12.00 target price on shares of SoundHound AI in a research report on Monday, July 14th. Wedbush restated an “outperform” rating and set a $16.00 target price on shares of SoundHound AI in a research report on Thursday, September 11th. Finally, Oppenheimer started coverage on shares of SoundHound AI in a research report on Thursday, September 11th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.50.

SoundHound AI Trading Down 8.4%

NASDAQ:SOUN opened at $19.02 on Thursday. SoundHound AI has a 12 month low of $4.86 and a 12 month high of $24.98. The firm has a fifty day simple moving average of $15.69 and a 200-day simple moving average of $11.97. The company has a market capitalization of $7.75 billion, a P/E ratio of -30.19 and a beta of 2.60.

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

Insider Activity

In related news, COO Michael Zagorsek sold 69,837 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the completion of the transaction, the chief operating officer owned 1,860,790 shares in the company, valued at $29,772,640. This represents a 3.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 138,523 shares of the company’s stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $2,216,368.00. Following the sale, the chief executive officer directly owned 2,461,267 shares of the company’s stock, valued at approximately $39,380,272. This represents a 5.33% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 785,917 shares of company stock worth $13,955,610. Company insiders own 9.17% of the company’s stock.

Institutional Trading of SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Vanguard Group Inc. grew its stake in SoundHound AI by 9.5% during the 1st 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock valued at $40,390,000 after buying an additional 2,274,105 shares during the period. HRT Financial LP purchased a new stake in shares of SoundHound AI in the 2nd quarter valued at approximately $11,914,000. Goldman Sachs Group Inc. grew its stake in shares of SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock valued at $21,434,000 after buying an additional 1,085,473 shares during the period. Finally, Nuveen LLC purchased a new stake in shares of SoundHound AI in the 1st quarter valued at approximately $7,406,000. Hedge funds and other 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.