SoundHound AI, Inc. (NASDAQ:SOUN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been given a consensus recommendation of “Moderate Buy” by the six research firms that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $7.08.

A number of analysts recently issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a report on Monday, August 12th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities increased their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Friday, August 9th.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CEO Keyvan Mohajer sold 67,994 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $274,695.76. Following the transaction, the chief executive officer now directly owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Ming Hom sold 16,716 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the transaction, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The disclosure for this sale can be found here. Insiders have sold a total of 521,728 shares of company stock valued at $2,501,976 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of the business. Newbridge Financial Services Group Inc. lifted its stake in shares of SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after buying an additional 2,320 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in SoundHound AI during the second quarter worth about $104,000. Truist Financial Corp increased its position in SoundHound AI by 432.9% during the second quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock worth $382,000 after purchasing an additional 125,785 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in SoundHound AI during the second quarter worth about $113,000. Finally, Algert Global LLC acquired a new stake in SoundHound AI during the second quarter worth about $103,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

NASDAQ:SOUN opened at $4.76 on Tuesday. The firm has a market capitalization of $1.57 billion, a P/E ratio of -12.53 and a beta of 2.74. SoundHound AI has a 1-year low of $1.49 and a 1-year high of $10.25. The company’s fifty day moving average price is $4.91 and its 200-day moving average price is $5.00.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data 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 business had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same quarter in the previous year, the company earned ($0.10) EPS. The firm’s revenue was up 53.8% compared to the same quarter last year. Equities analysts anticipate that SoundHound AI will post -0.36 EPS for the current fiscal 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.