HC Wainwright Increases SoundHound AI (NASDAQ:SOUN) Price Target to $8.00

SoundHound AI (NASDAQ:SOUN) had its target price boosted by investment analysts at HC Wainwright from $7.00 to $8.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 27.59% from the stock’s previous close.

SOUN has been the subject of several other reports. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday. DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday. Finally, Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $6.27 on Thursday. The business’s 50-day simple moving average is $5.21 and its 200 day simple moving average is $4.93. The company has a market cap of $2.25 billion, a P/E ratio of -17.42 and a beta of 2.71. SoundHound AI has a one year low of $1.62 and a one year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.02. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 73.21%. The firm’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.09) EPS. Analysts predict that SoundHound AI will post -0.36 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider James Ming Hom sold 21,024 shares of the stock in a transaction that occurred on 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 directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock worth $1,606,644 in the last 90 days. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI during the third quarter valued at about $4,193,000. Vanguard Group Inc. raised its position in shares of 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. International Assets Investment Management LLC lifted its stake in shares of SoundHound AI by 914.6% in the 3rd quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock worth $374,000 after acquiring an additional 72,252 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after acquiring an additional 195,011 shares during the period. 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.