SoundHound AI, Inc. (NASDAQ:SOUN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $7.08.

A number of equities analysts have weighed in on SOUN shares. Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Friday, August 9th. Northland Securities boosted their target price on 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 raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th.

SoundHound AI Stock Down 1.8 %

Shares of SoundHound AI stock opened at $4.88 on Tuesday. The stock has a market cap of $1.61 billion, a P/E ratio of -12.84 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 business’s 50 day moving average is $4.87 and its 200-day moving average is $4.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm 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 last year, the company posted ($0.10) earnings per share. On average, sell-side analysts expect that SoundHound AI will post -0.36 EPS for the current year.

Insider Activity

In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the transaction, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. The disclosure for this sale can be found here. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC boosted its position in shares of SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA acquired a new stake in SoundHound AI during the first quarter worth approximately $6,659,000. Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 shares during the period. 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.