SoundHound AI, Inc. (NASDAQ:SOUN) Receives $6.88 Consensus Price Target from Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been given a consensus recommendation of “Moderate Buy” by the six brokerages that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $6.88.

Several brokerages have recently issued reports on SOUN. DA Davidson upped their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research report on Friday, March 15th. HC Wainwright upped their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Cantor Fitzgerald restated an “underweight” rating and set a $4.90 target price (down from $5.80) on shares of SoundHound AI in a research report on Wednesday, March 20th. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Finally, Wedbush upped their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, March 1st.

SoundHound AI Stock Down 0.7 %

SOUN opened at $5.89 on Tuesday. The firm has a 50-day simple moving average of $4.45 and a two-hundred day simple moving average of $2.84. SoundHound AI has a 52 week low of $1.49 and a 52 week high of $10.25. The company has a market capitalization of $1.82 billion, a PE ratio of -15.10 and a beta of 2.84. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. During the same period last year, the company earned ($0.15) EPS. The firm’s revenue for the quarter was up 80.0% on a year-over-year basis. Analysts forecast that SoundHound AI will post -0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 107,927 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the transaction, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Majid Emami sold 17,041 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $142,633.17. Following the transaction, the vice president now directly owns 467,492 shares of the company’s stock, valued at $3,912,908.04. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 107,927 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the transaction, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock valued at $2,598,723 in the last ninety days. 21.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nuveen Asset Management LLC boosted its stake in shares of SoundHound AI by 1.1% during the fourth quarter. Nuveen Asset Management LLC now owns 392,943 shares of the company’s stock valued at $833,000 after purchasing an additional 4,145 shares in the last quarter. Victory Capital Management Inc. boosted its stake in SoundHound AI by 45.0% in the third quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after acquiring an additional 6,717 shares in the last quarter. Rhumbline Advisers boosted its stake in SoundHound AI by 4.4% in the third quarter. Rhumbline Advisers now owns 168,025 shares of the company’s stock valued at $338,000 after acquiring an additional 7,069 shares in the last quarter. Royal Bank of Canada boosted its stake in SoundHound AI by 520.7% in the second quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock valued at $40,000 after acquiring an additional 7,290 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in SoundHound AI by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 582,633 shares of the company’s stock valued at $1,608,000 after acquiring an additional 7,414 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

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.