Wedbush Reaffirms Outperform Rating for SoundHound AI (NASDAQ:SOUN)

Wedbush reaffirmed their outperform rating on shares of SoundHound AI (NASDAQ:SOUN) in a report published on Thursday morning, Benzinga reports. Wedbush currently has a $9.00 price objective on the stock.

Several other research firms have also weighed in on SOUN. HC Wainwright reiterated a buy rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Northland Securities raised their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a market perform rating in a report on Friday, August 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a neutral rating to an overweight rating and upped their price objective for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $7.08.

SoundHound AI Stock Down 2.6 %

Shares of NASDAQ SOUN opened at $4.78 on Thursday. The stock’s 50 day moving average price is $4.84 and its two-hundred day moving average price is $4.95. SoundHound AI has a 52-week low of $1.49 and a 52-week high of $10.25. The stock has a market capitalization of $1.57 billion, a P/E ratio of -12.58 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data 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). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter last year, the business earned ($0.10) earnings per share. The business’s revenue for the quarter was up 53.8% compared to the same quarter last year. On average, analysts anticipate that SoundHound AI will post -0.36 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction 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 $3,792,303.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at approximately $11,529,936.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction 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 completion of the sale, the chief technology officer now directly owns 659,531 shares in the company, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. Insiders have sold 535,275 shares of company stock valued at $2,802,644 in the last quarter. Corporate insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kings Path Partners LLC acquired a new position in shares of SoundHound AI in the 2nd quarter worth approximately $28,000. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI during the 1st quarter valued at $29,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI during the 2nd quarter worth $31,000. HighPoint Advisor Group LLC acquired a new position in shares of SoundHound AI in the 4th quarter worth $37,000. Finally, Amalgamated Bank raised its position in shares of SoundHound AI by 108.0% during the second 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 period. 19.28% of the stock is currently owned by 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.