SoundHound AI’s (SOUN) Buy Rating Reiterated at DA Davidson

SoundHound AI (NASDAQ:SOUN)‘s stock had its “buy” rating reaffirmed by stock analysts at DA Davidson in a research report issued on Monday, Benzinga reports. They currently have a $9.50 price target on the stock. DA Davidson’s target price indicates a potential upside of 97.10% from the company’s previous close.

Other equities analysts have also issued research reports about the company. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Northland Securities lifted their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Finally, Wedbush reaffirmed an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

NASDAQ SOUN traded up $0.04 during trading on Monday, hitting $4.82. 4,105,790 shares of the company’s stock traded hands, compared to its average volume of 35,534,027. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -12.68 and a beta of 2.74. SoundHound AI has a 12-month low of $1.49 and a 12-month high of $10.25. The business has a 50 day moving average of $4.84 and a 200-day moving average of $4.92.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The firm had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) earnings per share. On average, analysts expect that SoundHound AI will post -0.36 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the sale, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. The disclosure for this sale can be found here. Insiders have sold a total of 535,275 shares of company stock valued at $2,802,644 over the last ninety days. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

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

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.