Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Price Target at $6.88

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been assigned an average rating of “Moderate Buy” from the six research firms that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $6.88.

SOUN has been the topic of a number of research reports. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research note on Thursday, April 11th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Monday, July 29th. Finally, Wedbush reissued an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Friday, May 10th.

SoundHound AI Stock Performance

SOUN opened at $4.62 on Monday. The company has a market cap of $1.52 billion, a price-to-earnings ratio of -12.16 and a beta of 2.76. The firm’s fifty day simple moving average is $4.65 and its two-hundred day simple moving average is $4.55. The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56. SoundHound AI has a 52-week low of $1.49 and a 52-week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The company had revenue of $11.59 million during the quarter, compared to analyst estimates of $10.10 million. During the same period in the previous year, the business earned ($0.12) EPS. SoundHound AI’s quarterly revenue was up 72.9% on a year-over-year basis. Equities analysts anticipate that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 16,039 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $64,797.56. Following the completion of the transaction, the chief technology officer now owns 867,531 shares of the company’s stock, valued at $3,504,825.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Keyvan Mohajer sold 116,504 shares of SoundHound AI stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares in the company, valued at approximately $3,765,665.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Timothy Stonehocker sold 16,039 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $64,797.56. Following the transaction, the chief technology officer now directly owns 867,531 shares of the company’s stock, valued at $3,504,825.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 625,728 shares of company stock valued at $3,011,476. 21.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SOUN. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI during the 1st quarter worth about $29,000. DecisionPoint Financial LLC acquired a new stake in SoundHound AI during the first quarter worth approximately $40,000. Kings Path Partners LLC acquired a new stake in SoundHound AI during the second quarter worth approximately $28,000. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI during the 2nd quarter worth approximately $31,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of SoundHound AI in the 1st quarter valued at $55,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.