SoundHound AI, Inc. (NASDAQ:SOUN) Receives Consensus Rating of “Moderate Buy” from Analysts

SoundHound AI, Inc. (NASDAQ:SOUN) has been given a consensus rating of “Moderate Buy” by the ten research firms that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, five have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $14.9286.

Several research firms have commented on SOUN. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a research note on Wednesday, May 6th. Piper Sandler restated a “neutral” rating and issued a $9.00 price target (down from $11.00) on shares of SoundHound AI in a research note on Friday, February 27th. HC Wainwright dropped their price target on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. DA Davidson restated a “buy” rating and issued a $14.00 price target on shares of SoundHound AI in a research note on Wednesday, April 22nd. Finally, Zacks Research upgraded shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 44,027 shares of SoundHound AI stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $298,943.33. Following the completion of the sale, the chief financial officer directly owned 1,661,121 shares of the company’s stock, valued at approximately $11,279,011.59. The trade was a 2.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Ming Hom sold 31,019 shares of SoundHound AI stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $210,619.01. Following the sale, the insider directly owned 772,364 shares of the company’s stock, valued at approximately $5,244,351.56. This trade represents a 3.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 307,973 shares of company stock valued at $2,091,110. Corporate insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently modified their holdings of the company. EP Wealth Advisors LLC lifted its position 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 during the last quarter. Newbridge Financial Services Group Inc. lifted 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. Insigneo Advisory Services LLC lifted its position in SoundHound AI by 7.4% in the third quarter. Insigneo Advisory Services LLC now owns 12,416 shares of the company’s stock valued at $200,000 after acquiring an additional 858 shares during the last quarter. Clear Creek Financial Management LLC lifted its position in SoundHound AI by 1.6% in the fourth quarter. Clear Creek Financial Management LLC now owns 58,091 shares of the company’s stock valued at $579,000 after acquiring an additional 941 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in SoundHound AI by 15.5% in the third quarter. PNC Financial Services Group Inc. now owns 7,127 shares of the company’s stock valued at $115,000 after acquiring an additional 956 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $8.41 on Friday. The stock has a market capitalization of $3.56 billion, a P/E ratio of -17.89 and a beta of 2.58. The company has a 50 day moving average price of $7.56 and a 200 day moving average price of $9.83. SoundHound AI has a fifty-two week low of $5.83 and a fifty-two week high of $22.17.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $44.20 million for the quarter, compared to analysts’ expectations of $42.56 million. SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The business’s revenue for the quarter was up 51.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.06) EPS. Research analysts forecast that SoundHound AI will post -0.34 earnings per share for the current fiscal year.

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.