HC Wainwright Increases SoundHound AI (NASDAQ:SOUN) Price Target to $8.00

SoundHound AI (NASDAQ:SOUN) had its target price lifted by HC Wainwright from $7.00 to $8.00 in a research report sent to investors on Thursday morning,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the company. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday. Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday. Northland Securities increased their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Price Performance

Shares of SoundHound AI stock traded down $0.31 during mid-day trading on Thursday, reaching $6.32. 20,268,433 shares of the stock traded hands, compared to its average volume of 34,509,102. The business has a 50-day moving average of $5.26 and a 200 day moving average of $4.94. SoundHound AI has a fifty-two week low of $1.62 and a fifty-two week high of $10.25. The company has a quick ratio of 8.77, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $2.27 billion, a PE ratio of -17.92 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period last year, the company posted ($0.09) EPS. The business’s revenue was up 88.7% on a year-over-year basis. On average, analysts predict that SoundHound AI will post -0.36 EPS for the current year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the sale, the chief technology officer now directly owns 1,039,194 shares in the company, valued at $5,071,266.72. This represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This trade represents a 40.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 in the last three months. 12.28% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 16.1% in the 1st 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. Charles Schwab Investment Management Inc. boosted its holdings in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the last quarter. Baupost Group LLC MA purchased a new stake in SoundHound AI during the first quarter valued at about $6,659,000. Bank of New York Mellon Corp increased its stake in SoundHound AI by 92.7% during the second 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 last quarter. Finally, Carnegie Investment Counsel purchased a new position in shares of SoundHound AI in the 3rd quarter worth about $4,193,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

About SoundHound AI

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.