SoundHound AI’s (SOUN) “Buy” Rating Reiterated at DA Davidson

DA Davidson reissued their buy rating on shares of SoundHound AI (NASDAQ:SOUN) in a report published on Monday, Benzinga reports. The brokerage currently has a $9.50 price target on the stock.

Other equities research analysts have also issued research reports about the stock. HC Wainwright restated a buy rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald upgraded SoundHound AI from a neutral rating to an overweight rating and lifted their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities upped their price target on SoundHound AI from $5.50 to $6.00 and gave the company a market perform rating in a research report on Friday, August 9th. Finally, Wedbush restated an outperform rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Thursday, September 26th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $7.08.

SoundHound AI Price Performance

SOUN stock opened at $4.73 on Monday. The firm has a market cap of $1.56 billion, a PE ratio of -12.45 and a beta of 2.74. SoundHound AI has a 12 month low of $1.49 and a 12 month high of $10.25. The firm has a 50 day simple moving average of $4.83 and a 200 day simple moving average of $4.86.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to the consensus estimate 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 revenue was up 53.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) earnings per share. As a group, sell-side analysts expect that SoundHound AI will post -0.36 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 535,275 shares of company stock valued at $2,802,644. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the company. Kings Path Partners LLC acquired a new position in SoundHound AI in the 2nd quarter valued at $28,000. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI in the first quarter valued at about $29,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at about $31,000. HighPoint Advisor Group LLC bought a new position in shares of SoundHound AI in the fourth quarter worth about $37,000. Finally, Amalgamated Bank lifted its position in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares during the last quarter. 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.