SoundHound AI (NASDAQ:SOUN) Rating Reiterated by Wedbush

Wedbush reaffirmed their outperform rating on shares of SoundHound AI (NASDAQ:SOUN) in a report published on Thursday morning, Benzinga reports. They currently have a $9.00 target price on the stock.

A number of other analysts have also recently weighed in on the company. Cantor Fitzgerald raised SoundHound AI from a neutral rating to an overweight rating and increased their price objective for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright restated a buy rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Finally, Northland Securities lifted their target price on SoundHound AI from $5.50 to $6.00 and gave the company a market perform rating in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, SoundHound AI has an average rating of Moderate Buy and an average price target of $7.08.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $4.78 on Thursday. SoundHound AI has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The firm has a market capitalization of $1.57 billion, a P/E ratio of -12.58 and a beta of 2.74. The stock’s fifty day moving average is $4.84 and its two-hundred day moving average is $4.92.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. SoundHound AI’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.10) EPS. As a group, sell-side analysts forecast that SoundHound AI will post -0.36 EPS for the current year.

Insider Activity

In related news, insider James Ming Hom sold 21,024 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares in the company, valued at $4,225,909.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 535,275 shares of company stock valued at $2,802,644. 21.30% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its position in shares of SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after purchasing an additional 2,629 shares in the last quarter. Vanguard Group Inc. lifted its position in SoundHound AI by 16.1% during the 1st 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. Commonwealth Equity Services LLC lifted its position in SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after buying an additional 209,154 shares in the last quarter. Bank of New York Mellon Corp lifted its position in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in SoundHound AI by 1,039.3% during the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after buying an additional 195,011 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.