SoundHound AI, Inc. (NASDAQ:SOUN) Receives $12.07 Consensus Target Price from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been given a consensus recommendation of “Moderate Buy” by the seven research firms that are covering the firm, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $12.07.

Several research analysts recently commented on the company. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright increased their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. Finally, DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th.

Insider Buying and Selling

In other news, VP Majid Emami sold 94,067 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the transaction, the director now directly owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 in the last ninety days. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares during the last quarter. Harbour Investments Inc. grew its stake in shares of SoundHound AI by 5.1% in the 2nd quarter. Harbour Investments Inc. now owns 59,746 shares of the company’s stock valued at $236,000 after purchasing an additional 2,923 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of SoundHound AI by 106.6% in the second quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock valued at $151,000 after purchasing an additional 19,780 shares during the period. Signaturefd LLC raised its stake in shares of SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI during the second quarter worth $31,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $19.84 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market cap of $7.34 billion, a P/E ratio of -55.11 and a beta of 3.03. The stock has a 50-day moving average of $11.30 and a two-hundred day moving average of $7.07. SoundHound AI has a 1-year low of $1.62 and a 1-year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. As a group, analysts anticipate that SoundHound AI will post -0.38 EPS for the current year.

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.