SoundHound AI (NASDAQ:SOUN) Receives “Neutral” Rating from Barclays

SoundHound AI (NASDAQ:SOUN)‘s stock had its “neutral” rating restated by equities researchers at Barclays in a note issued to investors on Wednesday,Benzinga reports. They currently have a $7.00 price target on the stock. Barclays‘s target price indicates a potential upside of 9.72% from the company’s previous close.

A number of other analysts also recently issued reports on SOUN. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and a consensus price target of $7.50.

SoundHound AI Trading Down 15.6 %

SOUN stock traded down $1.18 during midday trading on Wednesday, reaching $6.38. The stock had a trading volume of 36,741,563 shares, compared to its average volume of 34,240,520. SoundHound AI has a 52-week low of $1.62 and a 52-week high of $10.25. The company has a market cap of $2.29 billion, a price-to-earnings ratio of -16.36 and a beta of 2.71. The company’s fifty day simple moving average is $5.18 and its 200 day simple moving average is $4.92.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.09) EPS. Sell-side analysts predict that SoundHound AI will post -0.36 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. This represents a 0.00 % 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. In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 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 value of $193,872.64. Following the completion of the transaction, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 327,275 shares of company stock worth $1,606,644. Insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the 3rd quarter valued at about $4,193,000. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the period. International Assets Investment Management LLC lifted its stake in SoundHound AI by 914.6% in the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock worth $374,000 after acquiring an additional 72,252 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of SoundHound AI by 1,039.3% in the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after purchasing an additional 195,011 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.