SoundHound AI’s (SOUN) “Buy” Rating Reaffirmed at DA Davidson

DA Davidson reissued their buy rating on shares of SoundHound AI (NASDAQ:SOUN) in a report released on Tuesday,Benzinga reports. DA Davidson currently has a $17.00 price target on the stock.

Other equities analysts also recently issued research reports about the company. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and increased their price target for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. Wall Street Zen cut shares of SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Northland Capmk raised shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 8th. Piper Sandler boosted their price target on shares of SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Finally, Northland Securities upgraded shares of SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price objective on the stock in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $17.42.

SoundHound AI Price Performance

Shares of SOUN stock opened at $11.53 on Tuesday. The company has a market capitalization of $4.70 billion, a P/E ratio of -13.73 and a beta of 2.60. The company’s 50-day simple moving average is $16.50 and its two-hundred day simple moving average is $13.17. SoundHound AI has a one year low of $6.04 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 return on equity of 93.64% and a negative net margin of 211.16%.SoundHound AI’s quarterly revenue was up 67.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.04) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. On average, research analysts expect that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 70,524 shares of the business’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the completion of the transaction, the chief technology officer owned 606,525 shares in the company, valued at $12,130,500. The trade was a 10.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Nitesh Sharan sold 126,596 shares of the stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.58, for a total transaction of $2,098,961.68. Following the sale, the chief financial officer directly owned 1,796,304 shares of the company’s stock, valued at $29,782,720.32. The trade was a 6.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 787,260 shares of company stock worth $13,973,056. 9.17% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. raised its stake in SoundHound AI by 83.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after buying an additional 1,060 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of SoundHound AI by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after acquiring an additional 1,023 shares during the last quarter. Investors Research Corp increased its holdings in shares of SoundHound AI by 62.4% during the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after acquiring an additional 700 shares in the last quarter. AlphaQuest LLC purchased a new position in shares of SoundHound AI in the 1st quarter valued at approximately $32,000. Finally, Financial Consulate Inc. purchased a new position in shares of SoundHound AI in the 3rd quarter valued at approximately $32,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.