DA Davidson Issues Positive Forecast for SoundHound AI (NASDAQ:SOUN) Stock Price

SoundHound AI (NASDAQ:SOUN) had its price target boosted by DA Davidson from $9.50 to $13.00 in a research note released on Friday,Benzinga reports. DA Davidson currently has a buy rating on the stock.

A number of other analysts also recently issued reports on the stock. Northland Securities raised their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Up 17.7 %

SOUN opened at $10.84 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company’s 50-day moving average is $15.19 and its 200 day moving average is $9.88. SoundHound AI has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. The firm has a market capitalization of $4.26 billion, a P/E ratio of -30.10 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. Research analysts expect that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the transaction, the director now owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. This represents a 15.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,722,918 shares of company stock worth $44,935,943 over the last quarter. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC grew its stake in SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after acquiring an additional 315,897 shares in the last quarter. State Street Corp grew its stake in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Northern Trust Corp grew its stake in SoundHound AI by 10.0% during the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after acquiring an additional 264,382 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in SoundHound AI by 5.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after acquiring an additional 143,487 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.