SoundHound AI (NASDAQ:SOUN) Stock Rating Reaffirmed by HC Wainwright

SoundHound AI (NASDAQ:SOUN)‘s stock had its “buy” rating reissued by HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $7.00 price objective on the stock. HC Wainwright’s price target would suggest a potential upside of 45.83% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. Northland Securities increased their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, Wedbush reiterated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $4.80 on Wednesday. SoundHound AI has a 1 year low of $1.49 and a 1 year high of $10.25. The stock’s fifty day moving average price is $4.92 and its 200-day moving average price is $4.99. The company has a market cap of $1.58 billion, a P/E ratio of -12.63 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The firm had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business’s quarterly revenue was up 53.8% on a year-over-year basis. During the same quarter last year, the business earned ($0.10) earnings per share. On average, sell-side analysts anticipate that SoundHound AI will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, 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 transaction of $90,431.36. Following the transaction, the chief financial officer now owns 728,633 shares in the company, valued at $2,943,677.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Nitesh Sharan sold 22,384 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $90,431.36. Following the transaction, the chief financial officer now directly owns 728,633 shares of the company’s stock, valued at $2,943,677.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 16,039 shares of the company’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 $64,797.56. Following the sale, the chief technology officer now owns 867,531 shares of the company’s stock, valued at approximately $3,504,825.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 521,728 shares of company stock worth $2,501,976. 21.30% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently modified their holdings of SOUN. Independent Advisor Alliance bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $28,000. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI during the 2nd quarter valued at $28,000. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI in the 1st quarter worth $29,000. International Assets Investment Management LLC purchased a new position in SoundHound AI during the 2nd quarter worth $31,000. Finally, HighPoint Advisor Group LLC purchased a new stake in SoundHound AI in the fourth quarter valued at about $37,000. 19.28% of the stock is 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.