Wedbush Reaffirms Outperform Rating for SoundHound AI (NASDAQ:SOUN)

SoundHound AI (NASDAQ:SOUN)‘s stock had its “outperform” rating restated by Wedbush in a research report issued on Friday, Benzinga reports. They currently have a $9.00 price target on the stock. Wedbush’s price target suggests a potential upside of 82.93% from the company’s previous close.

A number of other research analysts also recently issued reports on the company. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Monday, July 29th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.00 to $7.00 in a research note on Friday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $7.30.

SoundHound AI Stock Down 5.6 %

NASDAQ:SOUN traded down $0.29 during mid-day trading on Friday, hitting $4.92. The stock had a trading volume of 18,961,496 shares, compared to its average volume of 39,922,598. The company has a market capitalization of $1.62 billion, a PE ratio of -12.95 and a beta of 2.77. The stock has a 50-day simple moving average of $4.62 and a two-hundred day simple moving average of $4.63. 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 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56.

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

Insider Buying and Selling

In other news, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $4.81, for a total value of $240,500.00. Following the completion of the transaction, the director now directly owns 208,117 shares in the company, valued at $1,001,042.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 625,728 shares of company stock worth $3,011,476. 21.30% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

Institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its position in shares of SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after purchasing an additional 2,629 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of 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 last quarter. PFG Investments LLC acquired a new stake in shares of SoundHound AI during the 1st quarter worth approximately $1,335,000. Commonwealth Equity Services LLC boosted its position in SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after purchasing an additional 209,154 shares during the period. Finally, Concurrent Investment Advisors LLC acquired a new stake in SoundHound AI in the first quarter worth $199,000. 19.28% of the stock is owned by institutional investors and hedge funds.

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.