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

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received an average rating of “Moderate Buy” from the ten brokerages that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $14.9286.

SOUN has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a research report on Monday, June 15th. DA Davidson reissued a “buy” rating and issued a $14.00 price target on shares of SoundHound AI in a research report on Wednesday, April 22nd. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a research note on Wednesday, May 6th.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $6.16 on Friday. The firm has a 50-day simple moving average of $7.17 and a 200-day simple moving average of $7.92. SoundHound AI has a one year low of $5.83 and a one year high of $22.17. The firm has a market cap of $2.67 billion, a P/E ratio of -13.11 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $44.20 million for the quarter, compared to the consensus estimate of $42.56 million. SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. SoundHound AI’s revenue for the quarter was up 51.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.06) earnings per share. On average, research analysts predict that SoundHound AI will post -0.45 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, COO Michael Zagorsek sold 64,994 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $484,855.24. Following the completion of the sale, the chief operating officer owned 1,669,497 shares of the company’s stock, valued at $12,454,447.62. This represents a 3.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Ming Hom sold 28,843 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $215,168.78. Following the completion of the sale, the insider owned 743,521 shares of the company’s stock, valued at approximately $5,546,666.66. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 268,022 shares of company stock valued at $1,999,444. 8.84% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently made changes to their positions in SOUN. Vanguard Group Inc. increased its position in SoundHound AI by 4.4% during the 4th quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock valued at $452,313,000 after buying an additional 1,909,868 shares in the last quarter. Geode Capital Management LLC boosted its holdings in 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 in the last quarter. Morgan Stanley grew its stake in shares of SoundHound AI by 48.1% during 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 grew its stake in shares of 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 last quarter. Finally, UBS Group AG increased its holdings in shares of SoundHound AI by 77.6% during the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after acquiring an additional 2,676,707 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.