SoundHound AI, Inc. (NASDAQ:SOUN) Receives $12.07 Average PT from Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $12.07.

Several analysts have recently commented on SOUN shares. HC Wainwright raised their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th.

SoundHound AI Stock Down 1.2 %

SoundHound AI stock opened at $23.95 on Thursday. The company has a market capitalization of $8.86 billion, a P/E ratio of -66.53 and a beta of 3.03. SoundHound AI has a fifty-two week low of $1.62 and a fifty-two week high of $24.98. The stock has a 50-day simple moving average of $10.66 and a 200-day simple moving average of $6.81. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly 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 firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the company posted ($0.09) earnings per share. The business’s revenue was up 88.7% on a year-over-year basis. Equities research analysts expect that SoundHound AI will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Majid Emami sold 94,067 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the transaction, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the transaction, the director now owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 over the last three months. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Institutional investors have recently added to or reduced their stakes in the business. Kings Path Partners LLC acquired a new position in SoundHound AI in the second quarter valued at approximately $28,000. NBC Securities Inc. grew its stake in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. International Assets Investment Management LLC bought a new position in SoundHound AI in the 2nd quarter valued at about $31,000. Farther Finance Advisors LLC boosted its holdings in shares of SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after acquiring an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank increased its position in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the period. 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.