Brokerages Set SoundHound AI, Inc. (NASDAQ:SOUN) Target Price at $7.08

SoundHound AI, Inc. (NASDAQ:SOUN) has been given a consensus rating of “Moderate Buy” by the six research firms that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $7.08.

A number of research firms have recently weighed in on SOUN. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Friday, August 9th. Finally, Northland Securities increased their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction dated 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 completion of the transaction, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the completion of the transaction, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 116,504 shares of SoundHound AI stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the sale, the chief executive officer now owns 953,333 shares in the company, valued at $3,765,665.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 374,504 shares of company stock worth $1,907,191. 21.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. raised its holdings in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC increased its holdings in shares of SoundHound AI by 47.7% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA purchased a new position in SoundHound AI during the first quarter worth approximately $6,659,000. Bank of New York Mellon Corp boosted its stake in SoundHound AI by 92.7% during the second 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 during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in SoundHound AI by 563.0% in the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $4.97 on Tuesday. SoundHound AI has a one year low of $1.49 and a one year high of $10.25. The company has a market capitalization of $1.64 billion, a PE ratio of -13.08 and a beta of 2.74. The company has a 50-day simple moving average of $4.89 and a two-hundred day simple moving average of $4.98.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. During the same period in the previous year, the company earned ($0.10) EPS. The company’s revenue was up 53.8% on a year-over-year basis. On average, equities analysts predict that SoundHound AI will post -0.36 earnings per share for the current fiscal 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.