SoundHound AI, Inc. (NASDAQ:SOUN) Receives $7.08 Consensus Target Price from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $7.08.

A number of research firms have issued reports on SOUN. DA Davidson reissued a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. Northland Securities boosted their price target 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. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares in the company, valued at $11,529,936.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 327,275 shares of company stock worth $1,606,644. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameritas Investment Partners Inc. lifted its position in SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock worth $80,000 after acquiring an additional 2,000 shares in the last quarter. Genesee Capital Advisors LLC lifted its position in SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after acquiring an additional 2,000 shares in the last quarter. Signaturefd LLC raised its position in shares of SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in shares of SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in shares of SoundHound AI by 13.7% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock valued at $82,000 after purchasing an additional 2,500 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $5.19 on Friday. The firm has a fifty day moving average price of $4.83 and a 200 day moving average price of $4.74. SoundHound AI has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of -13.66 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last issued its 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 company had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the prior year, the company posted ($0.10) EPS. SoundHound AI’s revenue was up 53.8% compared to the same quarter last year. As a group, research analysts predict that SoundHound AI will post -0.36 earnings per share for the current year.

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.