Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) PT at $6.88

SoundHound AI, Inc. (NASDAQ:SOUN) has been assigned a consensus recommendation of “Moderate Buy” from the six ratings firms that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $6.88.

SOUN has been the topic of several analyst reports. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research note on Thursday, April 11th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Monday, July 29th. Finally, Wedbush reissued an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Friday, May 10th.

SoundHound AI Stock Down 0.9 %

Shares of NASDAQ:SOUN opened at $4.62 on Monday. SoundHound AI has a 12-month low of $1.49 and a 12-month high of $10.25. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of -12.16 and a beta of 2.76. The stock has a fifty day simple moving average of $4.65 and a two-hundred day simple moving average of $4.55. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The firm had revenue of $11.59 million during the quarter, compared to analyst estimates of $10.10 million. During the same quarter in the previous year, the firm earned ($0.12) EPS. SoundHound AI’s quarterly revenue was up 72.9% compared to the same quarter last year. On average, research analysts anticipate that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 67,994 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $274,695.76. Following the completion of the sale, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at approximately $4,322,141.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the sale, the insider now directly owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 67,994 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $274,695.76. Following the completion of the transaction, the chief executive officer now owns 1,069,837 shares in the company, valued at $4,322,141.48. The disclosure for this sale can be found here. Insiders have sold a total of 625,728 shares of company stock worth $3,011,476 over the last quarter. Company insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of SOUN. Vanguard Group Inc. grew its holdings in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC lifted its position in shares of SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA purchased a new stake in SoundHound AI in the 1st quarter worth approximately $6,659,000. Bank of New York Mellon Corp raised its stake in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after purchasing an additional 409,917 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.