SoundHound AI (NASDAQ:SOUN) Stock Price Expected to Rise, Wedbush Analyst Says

SoundHound AI (NASDAQ:SOUN) had its price target lifted by investment analysts at Wedbush from $10.00 to $22.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price would suggest a potential upside of 13.46% from the stock’s current price.

SOUN has been the subject of several other research reports. HC Wainwright lifted their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

SoundHound AI Stock Down 1.5 %

SoundHound AI stock opened at $19.39 on Monday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $7.17 billion, a P/E ratio of -53.86 and a beta of 3.03. The firm has a 50 day moving average price of $8.07 and a 200-day moving average price of $5.90. SoundHound AI has a twelve month low of $1.62 and a twelve month high of $19.97.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the business posted ($0.09) earnings per share. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. As a group, equities analysts predict that SoundHound AI will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, Director Lawrence Marcus sold 25,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $14.00, for a total transaction of $350,000.00. Following the transaction, the director now directly owns 128,117 shares of the company’s stock, valued at approximately $1,793,638. This trade represents a 16.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 298,086 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $4,483,213.44. Following the completion of the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at $11,064,702.40. This trade represents a 28.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,060,416 shares of company stock valued at $26,684,544 in the last quarter. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Essex LLC purchased a new stake in SoundHound AI during the 2nd quarter valued at $45,000. Keynote Financial Services LLC bought a new position in shares of SoundHound AI during the second quarter valued at about $59,000. Silverleafe Capital Partners LLC purchased a new stake in shares of SoundHound AI during the second quarter worth about $43,000. Planning Alternatives Ltd. ADV bought a new stake in shares of SoundHound AI in the second quarter worth about $129,000. Finally, Clear Creek Financial Management LLC increased its holdings in SoundHound AI by 41.4% during the 2nd quarter. Clear Creek Financial Management LLC now owns 71,874 shares of the company’s stock valued at $284,000 after purchasing an additional 21,042 shares during the period. Institutional investors own 19.28% of the company’s stock.

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.