SoundHound AI, Inc. (NASDAQ:SOUN) Receives $14.93 Consensus Price Target from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been given an average rating of “Moderate Buy” by the ten research firms that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $14.9286.

A number of research firms recently commented on SOUN. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $13.00 to $15.00 in a report on Friday, December 12th. HC Wainwright reduced their target price on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. DA Davidson set a $14.00 target price on shares of SoundHound AI in a research report on Thursday, January 8th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Piper Sandler restated a “neutral” rating and set a $9.00 price target (down from $11.00) on shares of SoundHound AI in a report on Friday, February 27th.

Insider Buying and Selling at SoundHound AI

In other news, SVP Majid Emami sold 32,741 shares of the stock in a transaction dated Friday, December 26th. The stock was sold at an average price of $10.66, for a total transaction of $349,019.06. Following the transaction, the senior vice president owned 532,845 shares of the company’s stock, valued at approximately $5,680,127.70. This represents a 5.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 29,676 shares of the 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 transaction, the chief technology officer owned 544,179 shares in the company, valued at approximately $6,530,148. This trade represents a 5.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,538 shares of company stock worth $728,398 over the last three months. Company insiders own 9.17% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of SoundHound AI by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock worth $452,313,000 after buying an additional 1,909,868 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of SoundHound AI by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock worth $91,543,000 after acquiring an additional 273,097 shares during the last quarter. Morgan Stanley grew its stake in shares of SoundHound AI by 48.1% in the fourth quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock worth $89,606,000 after acquiring an additional 2,917,280 shares during the last quarter. State Street Corp increased its position in SoundHound AI by 0.9% during the fourth quarter. State Street Corp now owns 8,691,235 shares of the company’s stock worth $86,652,000 after acquiring an additional 80,908 shares during the period. Finally, UBS Group AG increased its position in SoundHound AI by 77.6% during the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock worth $61,059,000 after acquiring an additional 2,676,707 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Trading Up 5.2%

Shares of NASDAQ:SOUN opened at $6.89 on Friday. The firm has a market cap of $2.91 billion, a price-to-earnings ratio of -137.77 and a beta of 2.65. SoundHound AI has a 1 year low of $6.47 and a 1 year high of $22.17. The business has a fifty day simple moving average of $8.58 and a 200 day simple moving average of $12.26.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, meeting analysts’ consensus estimates of ($0.02). SoundHound AI had a negative return on equity of 3.63% and a negative net margin of 8.71%.The firm had revenue of $55.06 million for the quarter, compared to the consensus estimate of $53.88 million. During the same quarter in the previous year, the company posted ($0.05) earnings per share. The business’s quarterly revenue was up 59.4% compared to the same quarter last year. On average, 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.