HC Wainwright Lowers SoundHound AI (NASDAQ:SOUN) Price Target to $20.00

SoundHound AI (NASDAQ:SOUN) had its target price cut by HC Wainwright from $26.00 to $20.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 132.64% from the company’s current price.

SOUN has been the topic of several other reports. Zacks Research upgraded shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. DA Davidson set a $14.00 price objective on SoundHound AI in a report on Thursday, January 8th. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. Piper Sandler reissued a “neutral” rating and issued a $9.00 target price (down from $11.00) on shares of SoundHound AI in a report on Friday. Finally, Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the company from $13.00 to $15.00 in a research report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.93.

SoundHound AI Stock Down 4.3%

NASDAQ SOUN opened at $8.60 on Monday. SoundHound AI has a 52 week low of $6.52 and a 52 week high of $22.17. The stock has a market capitalization of $3.61 billion, a PE ratio of -171.91 and a beta of 2.65. The firm has a 50 day moving average of $9.58 and a two-hundred day moving average of $12.88.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, meeting analysts’ consensus estimates of ($0.02). The business had revenue of $55.06 million for the quarter, compared to the consensus estimate of $53.88 million. SoundHound AI had a negative return on equity of 3.82% and a negative net margin of 8.71%.The business’s revenue for the quarter was up 59.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.05) EPS. On average, equities research analysts expect that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 144,326 shares of SoundHound AI stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $1,627,997.28. Following the transaction, the chief executive officer directly owned 2,198,287 shares in the company, valued at approximately $24,796,677.36. This trade represents a 6.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Majid Emami sold 42,600 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $480,528.00. Following the sale, the senior vice president owned 565,586 shares of the company’s stock, valued at $6,379,810.08. This trade represents a 7.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 460,922 shares of company stock worth $5,199,073 over the last three months. 9.17% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently bought and sold shares of the company. Sound Income Strategies LLC grew its stake in SoundHound AI by 37.3% in the 3rd quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock valued at $34,000 after acquiring an additional 575 shares during the last quarter. Investors Research Corp grew its position in shares of SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after purchasing an additional 700 shares during the last quarter. EP Wealth Advisors LLC increased its stake in shares of SoundHound AI by 5.3% during the 2nd quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after purchasing an additional 706 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in shares of SoundHound AI by 2.7% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 31,880 shares of the company’s stock worth $513,000 after purchasing an additional 830 shares during the last quarter. Finally, Insigneo Advisory Services LLC lifted its stake in SoundHound AI by 7.4% in the 3rd quarter. Insigneo Advisory Services LLC now owns 12,416 shares of the company’s stock valued at $200,000 after buying an additional 858 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.