Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Target Price at $16.07

SoundHound AI, Inc. (NASDAQ:SOUN) has received a consensus recommendation of “Moderate Buy” from the ten ratings firms that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $16.0714.

A number of equities analysts have recently issued reports on SOUN shares. DA Davidson set a $14.00 price objective on SoundHound AI in a research report on Thursday, January 8th. Piper Sandler lowered their price target on shares of SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a report on Monday, January 5th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. HC Wainwright increased their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 60,780 shares of SoundHound AI 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 $685,598.40. Following the completion of the sale, the chief financial officer directly owned 1,705,148 shares in the company, valued at approximately $19,234,069.44. The trade was a 3.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Majid Emami sold 42,600 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 $480,528.00. Following the transaction, the senior vice president owned 565,586 shares in the company, valued at $6,379,810.08. The trade was a 7.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 462,265 shares of company stock worth $5,216,518. Corporate insiders own 9.17% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in SoundHound AI by 71.3% during the first quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock worth $1,301,000 after acquiring an additional 66,714 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in shares of SoundHound AI by 8.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock worth $119,000 after purchasing an additional 1,201 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of SoundHound AI by 12.9% in the 1st quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock valued at $333,000 after buying an additional 4,692 shares during the period. Goldman Sachs Group Inc. increased its position in 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 in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in SoundHound AI by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock worth $5,620,000 after buying an additional 63,398 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $8.46 on Friday. SoundHound AI has a 52 week low of $6.52 and a 52 week high of $22.17. The firm has a market cap of $3.55 billion, a PE ratio of -10.07 and a beta of 2.65. The firm’s fifty day moving average is $11.07 and its 200-day moving average is $13.46.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.06. The business 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 revenue for the quarter was up 67.6% compared to the same quarter last year. During the same period last year, the company earned ($0.04) EPS. Sell-side analysts forecast that SoundHound AI will post -0.38 EPS for the current 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.