Cantor Fitzgerald Comments on SoundHound AI FY2024 Earnings

SoundHound AI, Inc. (NASDAQ:SOUN) – Equities research analysts at Cantor Fitzgerald issued their FY2024 earnings per share (EPS) estimates for SoundHound AI in a research report issued to clients and investors on Monday, February 24th. Cantor Fitzgerald analyst T. Blakey forecasts that the company will earn ($0.37) per share for the year. Cantor Fitzgerald currently has a “Hold” rating on the stock. The consensus estimate for SoundHound AI’s current full-year earnings is ($0.38) per share. Cantor Fitzgerald also issued estimates for SoundHound AI’s FY2025 earnings at ($0.21) EPS.

A number of other research analysts have also issued reports on SOUN. Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Barclays reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and a consensus price target of $12.36.

SoundHound AI Trading Down 3.8 %

Shares of NASDAQ SOUN opened at $9.21 on Wednesday. The stock has a fifty day simple moving average of $15.41 and a 200-day simple moving average of $9.84. SoundHound AI has a twelve month low of $3.50 and a twelve month high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $3.62 billion, a PE ratio of -25.58 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the sale, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Majid Emami sold 94,067 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the transaction, the vice president now directly owns 735,685 shares of the company’s stock, valued at $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,722,918 shares of company stock worth $44,935,943 in the last 90 days. 12.28% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently added to or reduced their stakes in the business. Kieckhefer Group LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at $3,432,000. Charles Schwab Investment Management Inc. increased its position in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares during the period. Oriental Harbor Investment Fund bought a new position in SoundHound AI during the fourth quarter valued at about $8,964,000. Geode Capital Management LLC lifted its position in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Finally, Wealth Effects LLC acquired a new stake in shares of SoundHound AI during the 4th quarter valued at about $357,000. 19.28% of the stock is currently 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.