HC Wainwright Issues Positive Forecast for SoundHound AI (NASDAQ:SOUN) Stock Price

SoundHound AI (NASDAQ:SOUN) had its price target upped by HC Wainwright from $7.00 to $8.00 in a research report released on Thursday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

SOUN has been the topic of a number of other research reports. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday. Northland Securities upped their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, DA Davidson reiterated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Price Performance

SOUN stock traded down $0.31 during mid-day trading on Thursday, hitting $6.32. 20,268,433 shares of the stock were exchanged, compared to its average volume of 34,509,102. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 8.77. The business has a fifty day moving average price of $5.26 and a 200 day moving average price of $4.94. SoundHound AI has a 12 month low of $1.62 and a 12 month high of $10.25. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -17.92 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.09) earnings per share. On average, sell-side analysts anticipate that SoundHound AI will post -0.36 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. This trade represents a 2.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the transaction, the insider now owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 327,275 shares of company stock worth $1,606,644. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kings Path Partners LLC bought a new stake in shares of SoundHound AI during the second quarter valued at approximately $28,000. International Assets Investment Management LLC acquired a new position in SoundHound AI during the 2nd quarter valued at approximately $31,000. NBC Securities Inc. raised its stake in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares during the last quarter. Amalgamated Bank lifted its holdings 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. Finally, Signaturefd LLC boosted its holdings in shares of SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after acquiring an additional 2,200 shares during the last quarter. 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.