SoundHound AI (NASDAQ:SOUN) Rating Reiterated by HC Wainwright

SoundHound AI (NASDAQ:SOUN)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research report issued on Wednesday, Benzinga reports. They presently have a $7.00 target price on the stock. HC Wainwright’s price target would suggest a potential upside of 39.72% from the stock’s previous close.

A number of other equities research analysts also recently commented on SOUN. Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, Northland Securities lifted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Trading Up 3.3 %

Shares of NASDAQ:SOUN opened at $5.01 on Wednesday. SoundHound AI has a 1-year low of $1.49 and a 1-year high of $10.25. The stock has a market capitalization of $1.65 billion, a P/E ratio of -13.13 and a beta of 2.74. The business has a 50-day moving average price of $4.92 and a two-hundred day moving average price of $4.99.

SoundHound AI (NASDAQ:SOUN) last posted 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 return on equity of 93.28% and a negative net margin of 195.65%. The business had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same period last year, the firm earned ($0.10) earnings per share. The company’s quarterly revenue was up 53.8% on a year-over-year basis. As a group, equities analysts predict that SoundHound AI will post -0.36 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares of the company’s stock, valued at approximately $3,765,665.35. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now owns 74,038 shares in the company, valued at $371,670.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 116,504 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 374,504 shares of company stock valued at $1,907,191. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. lifted its stake in SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after acquiring an additional 2,320 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in SoundHound AI in the 2nd quarter valued at about $104,000. Truist Financial Corp grew its holdings in SoundHound AI by 432.9% during the second quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock worth $382,000 after purchasing an additional 125,785 shares during the period. B. Riley Wealth Advisors Inc. acquired a new position in SoundHound AI during the second quarter worth approximately $113,000. Finally, Algert Global LLC bought a new stake in SoundHound AI in the second quarter valued at approximately $103,000. 19.28% of the stock is owned by institutional investors.

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.