SoundHound AI, Inc. (NASDAQ:SOUN) Given Consensus Rating of “Hold” by Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has received a consensus rating of “Hold” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and three have given 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 $12.86.

SOUN has been the subject of a number of research analyst reports. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th.

Insider Activity

In other news, Director Lawrence Marcus sold 25,000 shares of SoundHound AI stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $14.00, for a total value of $350,000.00. Following the transaction, the director now directly owns 128,117 shares in the company, valued at approximately $1,793,638. This trade represents a 16.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 34,407 shares of SoundHound AI stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the transaction, the chief technology officer now owns 796,581 shares in the company, valued at $16,170,594.30. This represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,024,777 shares of company stock worth $20,412,443. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC grew its stake in SoundHound AI by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after buying an additional 315,897 shares during the last quarter. State Street Corp grew its stake in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares during the last quarter. Northern Trust Corp grew its stake in SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock worth $57,660,000 after buying an additional 264,382 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after buying an additional 143,487 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

Shares of SOUN stock opened at $8.57 on Tuesday. SoundHound AI has a 52-week low of $3.50 and a 52-week high of $24.98. 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 firm has a market capitalization of $3.37 billion, a P/E ratio of -23.81 and a beta of 2.62. The stock has a 50 day moving average price of $13.72 and a 200 day moving average price of $10.14.

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

About SoundHound AI

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.