SoundHound AI’s (SOUN) “Buy” Rating Reaffirmed at HC Wainwright

SoundHound AI (NASDAQ:SOUN)‘s stock had its “buy” rating reiterated by equities research analysts at HC Wainwright in a note issued to investors on Monday,Benzinga reports. They currently have a $26.00 target price on the stock. HC Wainwright’s target price points to a potential upside of 139.92% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. DA Davidson boosted their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities boosted their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Finally, 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. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Stock Up 17.7 %

SOUN stock opened at $10.84 on Monday. The company has a market cap of $4.26 billion, a price-to-earnings ratio of -30.10 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The business’s 50-day moving average is $15.19 and its two-hundred day moving average is $9.95. SoundHound AI has a fifty-two week low of $3.50 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, analysts forecast that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the sale, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. The trade was a 15.86 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,628,851 shares of company stock valued at $44,084,637. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of large investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. purchased a new position in shares of SoundHound AI in the fourth quarter valued at $544,000. United Advisor Group LLC bought a new position in SoundHound AI during the fourth quarter valued at $379,000. Mackenzie Financial Corp grew its stake in shares of SoundHound AI by 14.5% in the 4th quarter. Mackenzie Financial Corp now owns 20,831 shares of the company’s stock worth $413,000 after buying an additional 2,643 shares in the last quarter. Sunbelt Securities Inc. increased its holdings in shares of SoundHound AI by 153.1% in the 4th quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock worth $90,000 after buying an additional 2,755 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in shares of SoundHound AI during the 4th quarter valued at about $88,000. 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.