Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Target Price at $14.93

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 stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $14.9286.

SOUN has been the topic of a number of research reports. DA Davidson set a $14.00 price objective on shares of SoundHound AI in a research note on Thursday, January 8th. Piper Sandler reissued a “neutral” rating and issued a $9.00 price target (down from $11.00) on shares of SoundHound AI in a report on Friday, February 27th. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. Finally, Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 44,027 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $298,943.33. Following the completion of the transaction, the chief financial officer owned 1,661,121 shares of the company’s stock, valued at $11,279,011.59. The trade was a 2.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Michael Zagorsek sold 52,968 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $359,652.72. Following the transaction, the chief operating officer directly owned 1,734,491 shares in the company, valued at $11,777,193.89. The trade was a 2.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 307,973 shares of company stock valued at $2,091,110. 9.17% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Danske Bank A S acquired a new position in shares of SoundHound AI during the 3rd quarter valued at about $26,000. Investors Research Corp boosted its holdings in shares of SoundHound AI by 62.4% in the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after purchasing an additional 700 shares during the last quarter. Financial Consulate Inc. purchased a new stake in shares of SoundHound AI during the 3rd quarter valued at $32,000. Sound Income Strategies LLC increased its holdings in shares of SoundHound AI by 37.3% during the 3rd 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. increased its holdings in shares of SoundHound AI by 83.1% during the 2nd 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 last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $8.08 on Wednesday. The stock has a fifty day moving average price of $7.44 and a 200 day moving average price of $11.15. The stock has a market cap of $3.42 billion, a PE ratio of -161.57 and a beta of 2.71. SoundHound AI has a 1 year low of $5.83 and a 1 year high of $22.17.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, meeting the consensus estimate of ($0.02). SoundHound AI had a negative return on equity of 3.63% and a negative net margin of 8.71%.The company had revenue of $55.06 million for the quarter, compared to analyst estimates of $53.88 million. SoundHound AI’s revenue was up 59.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) earnings per share. As a group, equities research analysts predict that SoundHound AI will post -0.38 earnings per share for the current year.

About SoundHound AI

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.