SoundHound AI, Inc. (NASDAQ:SOUN) Receives Consensus Rating of “Moderate Buy” from Analysts

SoundHound AI, Inc. (NASDAQ:SOUN) has earned a consensus rating of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $6.88.

Several research analysts have commented on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a research report on Thursday, April 11th. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Monday, July 29th. Finally, Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Friday, May 10th.

SoundHound AI Price Performance

SOUN opened at $4.62 on Monday. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -12.16 and a beta of 2.77. SoundHound AI has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The company’s 50-day moving average price is $4.65 and its 200 day moving average price is $4.59. 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 (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The firm had revenue of $11.59 million for the quarter, compared to analyst estimates of $10.10 million. During the same quarter in the prior year, the business earned ($0.12) earnings per share. SoundHound AI’s quarterly revenue was up 72.9% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI will post -0.3 earnings per share for the current year.

Insider Activity

In other news, insider James Ming Hom sold 16,716 shares of the 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 $67,532.64. Following the completion of the transaction, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider James Ming Hom sold 16,716 shares of the 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 $67,532.64. Following the completion of the transaction, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 67,994 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $274,695.76. Following the completion of the transaction, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The disclosure for this sale can be found here. Insiders sold 625,728 shares of company stock worth $3,011,476 over the last three months. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

A number of large investors have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. boosted its holdings in 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 in the last quarter. Intrinsic Edge Capital Management LLC boosted its holdings in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA bought a new stake in SoundHound AI during the first quarter worth approximately $6,659,000. Bank of New York Mellon Corp lifted its position in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of SoundHound AI by 563.0% in the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after acquiring an additional 409,917 shares in the last quarter. 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.