Brokerages Set SoundHound AI, Inc. (NASDAQ:SOUN) Price Target at $6.88

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been assigned a consensus rating of “Moderate Buy” from the six research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $6.88.

SOUN has been the topic of a number of recent analyst reports. HC Wainwright increased their price objective on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Wedbush increased their target price on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price objective on the stock. Finally, DA Davidson boosted their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th.

SoundHound AI Stock Down 0.7 %

SoundHound AI stock opened at $5.89 on Tuesday. The firm has a market capitalization of $1.82 billion, a P/E ratio of -15.10 and a beta of 2.84. The stock’s fifty day simple moving average is $4.53 and its 200-day simple moving average is $2.87. SoundHound AI has a twelve month low of $1.49 and a twelve month high of $10.25. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. SoundHound AI’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.15) EPS. As a group, equities analysts expect that SoundHound AI will post -0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, VP Majid Emami sold 17,041 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total transaction of $142,633.17. Following the transaction, the vice president now owns 467,492 shares in the company, valued at approximately $3,912,908.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other SoundHound AI news, VP Majid Emami sold 17,041 shares of SoundHound AI stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $142,633.17. Following the transaction, the vice president now directly owns 467,492 shares in the company, valued at $3,912,908.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The disclosure for this sale can be found here. Insiders sold 410,714 shares of company stock worth $2,598,723 over the last 90 days. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently bought and sold shares of the company. HighPoint Advisor Group LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at about $37,000. Quadrature Capital Ltd lifted its position in SoundHound AI by 67.1% in the fourth quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock valued at $807,000 after purchasing an additional 153,273 shares during the period. Vanguard Group Inc. boosted its holdings in SoundHound AI by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,843,982 shares of the company’s stock valued at $29,349,000 after purchasing an additional 676,993 shares in the last quarter. Goldman Sachs Group Inc. increased its position in SoundHound AI by 13.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 140,485 shares of the company’s stock worth $298,000 after purchasing an additional 16,989 shares during the period. Finally, Legal & General Group Plc raised its stake in shares of SoundHound AI by 39.1% during the 4th quarter. Legal & General Group Plc now owns 206,595 shares of the company’s stock worth $438,000 after buying an additional 58,047 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.