HC Wainwright Forecasts Strong Price Appreciation for SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI (NASDAQ:SOUN) had its price target lifted by equities researchers at HC Wainwright from $8.00 to $26.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective would suggest a potential upside of 28.46% from the stock’s current price.

Other research analysts have also issued reports about the stock. Wedbush increased 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 reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $12.07.

SoundHound AI Price Performance

SOUN stock opened at $20.24 on Monday. The firm has a market cap of $7.48 billion, a price-to-earnings ratio of -56.22 and a beta of 3.03. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company’s fifty day simple moving average is $9.32 and its 200 day simple moving average is $6.34. SoundHound AI has a 12-month low of $1.62 and a 12-month high of $24.08.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue was up 88.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.09) earnings per share. On average, analysts expect that SoundHound AI will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Michael Zagorsek sold 138,906 shares of SoundHound AI stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $17.63, for a total value of $2,448,912.78. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $25,974,666.86. The trade was a 8.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,258,242 shares of company stock worth $34,752,649. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. raised its stake in shares of SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after buying an additional 1,887 shares during the period. Integrated Wealth Concepts LLC raised its stake in SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after acquiring an additional 1,975 shares during the period. Signaturefd LLC boosted its position in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares during the period. Newbridge Financial Services Group Inc. raised its holdings in 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 acquiring an additional 2,320 shares during the period. Finally, Wolverine Asset Management LLC boosted its stake in shares of SoundHound AI by 7.7% in the third quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after acquiring an additional 2,522 shares during the period. 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.