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

SoundHound AI (NASDAQ:SOUNGet Free Report)‘s stock had its “buy” rating reissued by equities researchers at HC Wainwright in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $26.00 target price on the stock. HC Wainwright’s price target would suggest a potential upside of 84.53% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Barclays reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.07.

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SoundHound AI Trading Down 6.2 %

Shares of SOUN stock opened at $14.09 on Monday. SoundHound AI has a 12 month low of $1.62 and a 12 month high of $24.98. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business’s 50 day moving average is $13.29 and its two-hundred day moving average is $7.84. The company has a market cap of $5.21 billion, a PE ratio of -39.14 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUNGet Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same quarter last year, the company posted ($0.09) earnings per share. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. Equities analysts predict that SoundHound AI will post -0.38 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the transaction, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the transaction, the director now directly owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 over the last ninety days. 12.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SOUN. Charles Schwab Investment Management Inc. increased its stake in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after buying an additional 189,109 shares in the last quarter. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI in the third quarter valued at $4,193,000. Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI in the fourth quarter valued at $8,964,000. Geode Capital Management LLC increased its stake in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares in the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of SoundHound AI in the third quarter valued at $177,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Company Profile

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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.

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