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

SoundHound AI (NASDAQ:SOUN) had its price objective raised by HC Wainwright from $7.00 to $8.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also recently issued reports about the company. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities lifted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Price Performance

Shares of NASDAQ SOUN opened at $6.36 on Thursday. SoundHound AI has a 52 week low of $1.62 and a 52 week high of $10.25. The business’s 50 day moving average price is $5.30 and its 200 day moving average price is $4.96. The company has a quick ratio of 8.77, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $2.28 billion, a P/E ratio of -17.67 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the prior year, the firm earned ($0.09) EPS. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. On average, sell-side analysts expect that SoundHound AI will post -0.37 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. The trade was a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction 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 approximately $11,311,808.16. This represents a 2.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 over the last 90 days. 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 stock. Janney Montgomery Scott LLC purchased a new position in SoundHound AI during the first quarter worth approximately $109,000. Concurrent Investment Advisors LLC purchased a new position in shares of SoundHound AI during the 1st quarter worth $199,000. Avantax Advisory Services Inc. acquired a new position in shares of SoundHound AI during the 1st quarter valued at about $63,000. ARK & TLK Investments LLC purchased a new stake in shares of SoundHound AI in the first quarter valued at about $74,000. Finally, Viawealth LLC acquired a new stake in SoundHound AI during the first quarter worth about $65,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.