Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Price Target at $12.86

SoundHound AI, Inc. (NASDAQ:SOUN) has received a consensus recommendation of “Hold” from the seven analysts that are covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $12.86.

Several research firms recently weighed in on SOUN. Northland Securities boosted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, DA Davidson lifted their target price on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th.

SoundHound AI Price Performance

NASDAQ SOUN opened at $8.83 on Friday. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of -24.53 and a beta of 2.73. The company has a 50 day simple moving average of $10.41 and a 200-day simple moving average of $10.75. SoundHound AI has a 52-week low of $3.50 and a 52-week high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. Equities research analysts predict that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, Director Diana Sroka sold 3,402 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now directly owns 138,850 shares in the company, valued at $1,399,608. The trade was a 2.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the sale, the insider now directly owns 689,652 shares of the company’s stock, valued at approximately $6,827,554.80. This trade represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC boosted its holdings in SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after acquiring an additional 315,897 shares during the last quarter. State Street Corp raised its position in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares during the period. Northern Trust Corp lifted its holdings in SoundHound AI by 10.0% in the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock worth $57,660,000 after buying an additional 264,382 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of SoundHound AI by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after purchasing an additional 143,487 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.