SoundHound AI (NASDAQ:SOUN) Stock Rating Reaffirmed by DA Davidson

SoundHound AI (NASDAQ:SOUN)‘s stock had its “buy” rating reissued by stock analysts at DA Davidson in a research note issued on Monday, Benzinga reports. They presently have a $9.50 price target on the stock. DA Davidson’s price target would suggest a potential upside of 108.33% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Northland Securities increased their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Trading Down 2.1 %

SoundHound AI stock opened at $4.56 on Monday. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -12.00 and a beta of 2.74. SoundHound AI has a 12 month low of $1.49 and a 12 month high of $10.25. The stock’s 50 day moving average is $4.82 and its 200-day moving average is $4.86.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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 firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm’s quarterly revenue was up 53.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.10) EPS. As a group, equities research analysts predict that SoundHound AI will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the sale, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the sale, the chief technology officer now owns 659,531 shares in the company, valued at $3,792,303.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Nitesh Sharan sold 39,728 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. The disclosure for this sale can be found here. Insiders sold a total of 535,275 shares of company stock valued at $2,802,644 in the last three months. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC purchased a new stake in shares of SoundHound AI during the first quarter valued at approximately $29,000. DecisionPoint Financial LLC purchased a new stake in SoundHound AI during the 1st quarter valued at $40,000. Kings Path Partners LLC bought a new stake in SoundHound AI in the 2nd quarter worth $28,000. International Assets Investment Management LLC bought a new position in SoundHound AI during the 2nd quarter valued at approximately $31,000. Finally, Amalgamated Bank boosted its stake in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares in the last quarter. Hedge funds and other institutional investors 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.