Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) PT at $7.08

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have earned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $7.08.

A number of research analysts recently commented on the company. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities upped their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th.

Insider Activity

In other news, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the sale, the chief technology officer now owns 1,039,194 shares in the company, valued at $5,071,266.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the sale, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock worth $1,606,644 over the last 90 days. 21.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of SOUN. Hexagon Capital Partners LLC acquired a new position in SoundHound AI in the 1st quarter worth about $29,000. DecisionPoint Financial LLC acquired a new position in shares of SoundHound AI during the 1st quarter valued at about $40,000. Kings Path Partners LLC acquired a new position in shares of SoundHound AI during the 2nd quarter valued at about $28,000. International Assets Investment Management LLC acquired a new position in shares of SoundHound AI during the 2nd quarter valued at about $31,000. Finally, Amalgamated Bank boosted its stake in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Trading Up 5.7 %

Shares of NASDAQ SOUN opened at $5.19 on Friday. SoundHound AI has a twelve month low of $1.49 and a twelve month high of $10.25. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of -13.66 and a beta of 2.73. The business has a 50 day simple moving average of $4.83 and a 200-day simple moving average of $4.74.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same quarter last year, the firm posted ($0.10) earnings per share. SoundHound AI’s revenue was up 53.8% compared to the same quarter last year. As a group, equities analysts predict that SoundHound AI will post -0.36 earnings per share for the current year.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.