SoundHound AI, Inc. (NASDAQ:SOUN) Given Average Rating of “Moderate Buy” by Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received a consensus rating of “Moderate Buy” from the ten research firms that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, five have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $17.0714.

Several equities analysts have recently issued reports on the company. DA Davidson reissued a “buy” rating and set a $17.00 target price on shares of SoundHound AI in a research note on Tuesday, November 18th. HC Wainwright lifted their price target on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $13.00 to $15.00 in a research report on Friday, December 12th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a research note on Tuesday, October 14th.

Insider Activity

In other news, CEO Keyvan Mohajer sold 144,326 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $1,627,997.28. Following the completion of the transaction, the chief executive officer owned 2,198,287 shares of the company’s stock, valued at approximately $24,796,677.36. This represents a 6.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 70,524 shares of the company’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total value of $1,410,480.00. Following the completion of the sale, the chief technology officer directly owned 606,525 shares in the company, valued at approximately $12,130,500. The trade was a 10.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 723,310 shares of company stock worth $10,747,881. Company insiders own 9.17% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. Vanguard Group Inc. grew its holdings in SoundHound AI by 16.4% in the third quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock worth $698,798,000 after purchasing an additional 6,132,648 shares during the period. 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 worth $40,390,000 after buying an additional 2,274,105 shares during the last quarter. Jump Financial LLC bought a new position in SoundHound AI during the 3rd quarter valued at approximately $21,679,000. HRT Financial LP purchased a new position in SoundHound AI during the second quarter valued at $11,914,000. Finally, Goldman Sachs Group Inc. raised its stake in SoundHound AI by 69.8% during the first 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 last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Up 6.3%

Shares of SoundHound AI stock opened at $10.60 on Monday. The company’s fifty day simple moving average is $12.57 and its two-hundred day simple moving average is $13.49. SoundHound AI has a 12-month low of $6.52 and a 12-month high of $22.85. The firm has a market cap of $4.45 billion, a PE ratio of -12.62 and a beta of 2.65.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The company had revenue of $42.05 million during the quarter, compared to analyst estimates of $40.48 million. During the same period in the prior year, the business posted ($0.04) earnings per share. SoundHound AI’s revenue for the quarter was up 67.6% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.