SoundHound AI (NASDAQ:SOUN) Receives “Outperform” Rating from Wedbush

SoundHound AI (NASDAQ:SOUN)‘s stock had its “outperform” rating reissued by equities research analysts at Wedbush in a report issued on Thursday, Benzinga reports. They currently have a $9.00 price objective on the stock. Wedbush’s price objective would suggest a potential upside of 81.09% from the company’s previous close.

Several other equities analysts also recently commented on SOUN. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Northland Securities increased their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Trading Up 1.6 %

Shares of NASDAQ:SOUN traded up $0.08 on Thursday, reaching $4.97. 2,168,436 shares of the company’s stock were exchanged, compared to its average volume of 35,775,414. The company has a fifty day moving average of $4.84 and a 200-day moving average of $4.97. 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 $1.64 billion, a price-to-earnings ratio of -13.08 and a beta of 2.74.

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

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the completion of the transaction, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $11,311,808.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 535,275 shares of company stock worth $2,802,644. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Kings Path Partners LLC bought a new position in SoundHound AI in the 2nd quarter worth $28,000. Hexagon Capital Partners LLC bought a new position in shares of SoundHound AI in the 1st quarter worth about $29,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter worth about $31,000. HighPoint Advisor Group LLC bought a new position in shares of SoundHound AI in the 4th quarter worth about $37,000. Finally, Amalgamated Bank increased its stake in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares in the last quarter. 19.28% of the stock is currently 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.