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

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $7.64.

A number of equities research analysts have recently weighed in on the company. Cantor Fitzgerald raised 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, August 9th. HC Wainwright boosted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. DA Davidson reissued a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush restated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $9.31 on Friday. The stock has a market cap of $3.44 billion, a PE ratio of -25.86 and a beta of 2.71. SoundHound AI has a twelve month low of $1.62 and a twelve month high of $10.25. The stock has a fifty day simple moving average of $5.84 and a 200-day simple moving average of $5.14. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the business posted ($0.09) EPS. The business’s revenue for the quarter was up 88.7% compared to the same quarter last year. Equities analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. The trade was a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Eric R. Ball sold 30,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the transaction, the director now directly owns 110,907 shares in the company, valued at $890,583.21. This trade represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 337,275 shares of company stock worth $1,811,044. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. acquired a new stake in shares of SoundHound AI during the 3rd quarter worth about $177,000. Sanctuary Advisors LLC raised its holdings in SoundHound AI by 13.8% during the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock worth $140,000 after purchasing an additional 3,642 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares during the last quarter. MML Investors Services LLC acquired a new position in shares of SoundHound AI in the 3rd quarter valued at $86,000. Finally, State Street Corp grew its position in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.