SoundHound AI, Inc. (NASDAQ:SOUN) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have earned an average recommendation of “Moderate Buy” from the six brokerages that are presently covering the firm, Marketbeat reports. Two research 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 issued ratings on the stock in the last year is $6.88.

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research report on Thursday, April 11th. Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research report on Friday, May 10th. Finally, HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Monday, July 29th.

SoundHound AI Price Performance

Shares of SoundHound AI stock opened at $4.62 on Monday. The business has a 50 day simple moving average of $4.65 and a two-hundred day simple moving average of $4.59. 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 P/E ratio of -12.16 and a beta of 2.77. The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. The business’s revenue was up 72.9% compared to the same quarter last year. As a group, analysts predict that SoundHound AI will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling

In related news, 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 value of $274,695.76. Following the completion of the transaction, the chief executive officer now directly owns 1,069,837 shares in the company, valued at $4,322,141.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Keyvan Mohajer sold 67,994 shares of the firm’s stock in a transaction 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 directly owns 1,069,837 shares in the company, valued at $4,322,141.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Nitesh Sharan sold 22,384 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $90,431.36. Following the transaction, the chief financial officer now owns 728,633 shares of the company’s stock, valued at $2,943,677.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 625,728 shares of company stock worth $3,011,476. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Independent Advisor Alliance acquired a new stake in shares of SoundHound AI in the fourth quarter valued at $28,000. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at $28,000. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI in the first quarter valued at $29,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at $31,000. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at $37,000. 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.