Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) PT at $12.36

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have earned a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $12.36.

Several research firms have commented on SOUN. DA Davidson reissued a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. 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 reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, January 13th.

SoundHound AI Price Performance

SoundHound AI stock opened at $15.84 on Monday. 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 stock’s 50 day moving average is $14.91 and its 200-day moving average is $8.52. SoundHound AI has a 12 month low of $1.62 and a 12 month high of $24.98. The company has a market capitalization of $5.86 billion, a price-to-earnings ratio of -44.00 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) EPS. The business’s revenue for the quarter was up 88.7% compared to the same quarter last year. Equities research analysts expect that SoundHound AI will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In related news, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the sale, the director now directly owns 178,117 shares of the company’s stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Majid Emami sold 94,067 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the sale, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock worth $45,391,343 in the last 90 days. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Rhumbline Advisers raised its stake in shares of SoundHound AI by 106.6% in the second quarter. Rhumbline Advisers now owns 360,167 shares of the company’s stock worth $1,423,000 after purchasing an additional 185,861 shares during the last quarter. Victory Capital Management Inc. grew its position in SoundHound AI by 9.0% in the 2nd quarter. Victory Capital Management Inc. now owns 36,511 shares of the company’s stock worth $144,000 after purchasing an additional 3,017 shares in the last quarter. Amalgamated Bank increased its stake in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of SoundHound AI by 928.9% during the 2nd quarter. Hsbc Holdings PLC now owns 155,975 shares of the company’s stock worth $613,000 after buying an additional 140,815 shares in the last quarter. Finally, Sei Investments Co. purchased a new position in shares of SoundHound AI in the 2nd quarter worth approximately $43,000. 19.28% of the stock is owned by 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.