SoundHound AI (NASDAQ:SOUN) Stock Price Expected to Rise, HC Wainwright Analyst Says

SoundHound AI (NASDAQ:SOUN) had its target price lifted by stock analysts at HC Wainwright from $8.00 to $26.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 28.46% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.07.

SoundHound AI Stock Down 0.9 %

Shares of NASDAQ SOUN opened at $20.24 on Monday. SoundHound AI has a 12-month low of $1.62 and a 12-month high of $24.08. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm’s 50-day moving average price is $9.32 and its 200-day moving average price is $6.34. The stock has a market capitalization of $7.48 billion, a price-to-earnings ratio of -56.22 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business’s revenue was up 88.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.09) earnings per share. On average, equities research analysts anticipate that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, Director Lawrence Marcus sold 25,000 shares of the stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $14.00, for a total transaction of $350,000.00. Following the sale, the director now directly owns 128,117 shares of the company’s stock, valued at approximately $1,793,638. This trade represents a 16.33 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,258,242 shares of company stock valued at $34,752,649 over the last ninety days. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the 3rd quarter valued at $4,193,000. Geode Capital Management LLC raised its holdings in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares in the last quarter. Shellback Capital LP purchased a new stake in shares of SoundHound AI in the second quarter valued at approximately $1,196,000. Finally, Squarepoint Ops LLC grew its holdings in shares of SoundHound AI by 818.0% in the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after purchasing an additional 205,985 shares during the period. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Company Profile

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.