Piper Sandler Forecasts Strong Price Appreciation for SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI (NASDAQ:SOUN) had its target price hoisted by investment analysts at Piper Sandler from $12.00 to $15.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 6.08% from the stock’s previous close.

Several other brokerages have also recently weighed in on SOUN. Northland Securities upgraded shares of SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price target on the stock in a research note on Friday, August 8th. Wedbush reiterated an “outperform” rating and set a $16.00 target price on shares of SoundHound AI in a research report on Thursday, September 11th. Wall Street Zen lowered SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Finally, LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.93.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $14.14 on Friday. The stock’s 50-day simple moving average is $16.67 and its two-hundred day simple moving average is $12.98. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of -16.83 and a beta of 2.60. SoundHound AI has a 52-week low of $5.97 and a 52-week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.06. The firm had revenue of $42.05 million during the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 100.07%. The business’s revenue for the quarter was up 67.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.04) EPS. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities analysts forecast that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other SoundHound AI news, CFO Nitesh Sharan sold 126,596 shares of SoundHound AI stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.58, for a total value of $2,098,961.68. Following the completion of the transaction, the chief financial officer directly owned 1,796,304 shares of the company’s stock, valued at $29,782,720.32. This trade represents a 6.58% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Majid Emami sold 42,119 shares of the business’s stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $16.00, for a total transaction of $673,904.00. Following the completion of the sale, the vice president owned 685,538 shares in the company, valued at approximately $10,968,608. This trade represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 785,917 shares of company stock worth $13,955,610. 9.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. increased its position in shares of SoundHound AI by 83.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after purchasing an additional 1,060 shares during the last quarter. Advisors Asset Management Inc. lifted its position in SoundHound AI by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after buying an additional 1,023 shares during the last quarter. Investors Research Corp boosted its stake in SoundHound AI by 62.4% during the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after buying an additional 700 shares during the period. AlphaQuest LLC bought a new position in SoundHound AI during the first quarter valued at $32,000. Finally, Financial Consulate Inc. bought a new position in SoundHound AI during the third quarter valued at $32,000. 19.28% of the stock is currently owned by hedge funds and other 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.