SoundHound AI, Inc. (NASDAQ:SOUN) Receives Consensus Rating of “Moderate Buy” from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has been given a consensus recommendation of “Moderate Buy” by the ten brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $16.0714.

A number of research analysts have recently issued reports on the company. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. DA Davidson set a $14.00 price objective on SoundHound AI in a research report on Thursday, January 8th. Piper Sandler cut their target price on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the company from $13.00 to $15.00 in a report on Friday, December 12th.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 29,676 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The shares were sold at an average price of $12.00, for a total value of $356,112.00. Following the completion of the sale, the chief technology officer directly owned 544,179 shares in the company, valued at $6,530,148. This trade represents a 5.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 144,326 shares of the company’s stock in a transaction 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 transaction, the chief executive officer directly owned 2,198,287 shares in the company, valued at approximately $24,796,677.36. The trade was a 6.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 460,922 shares of company stock valued at $5,199,073 over the last three months. Company insiders own 9.17% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Danske Bank A S acquired a new position in shares of SoundHound AI during the third quarter valued at about $26,000. Investors Research Corp grew its position in SoundHound AI by 62.4% during the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after purchasing an additional 700 shares during the last quarter. Financial Consulate Inc. acquired a new position in SoundHound AI during the 3rd quarter valued at approximately $32,000. Sound Income Strategies LLC raised its holdings in shares of SoundHound AI by 37.3% in the third quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock worth $34,000 after buying an additional 575 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after buying an additional 1,060 shares during the period. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Stock Up 0.1%

Shares of SOUN stock opened at $7.83 on Tuesday. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of -9.32 and a beta of 2.65. SoundHound AI has a 52-week low of $6.52 and a 52-week high of $22.17. The company’s 50 day moving average is $9.77 and its 200 day moving average is $13.08.

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.