SoundHound AI’s (SOUN) Neutral Rating Reiterated at Barclays

SoundHound AI (NASDAQ:SOUN)‘s stock had its “neutral” rating reiterated by stock analysts at Barclays in a note issued to investors on Wednesday,Benzinga reports. They presently have a $7.00 price objective on the stock. Barclays‘s price target suggests a potential upside of 5.58% from the stock’s current price.

Several other brokerages have also recently issued reports on SOUN. Wedbush reissued an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Northland Securities raised their target price 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 raised their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $6.63 on Wednesday. SoundHound AI has a one year low of $1.62 and a one year high of $10.25. The stock has a 50-day moving average of $5.26 and a 200 day moving average of $4.94. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of -18.42 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 73.21% and a negative net margin of 163.58%. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the company earned ($0.09) EPS. SoundHound AI’s revenue for the quarter was up 88.7% 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.

Insider Activity

In related news, insider James Ming Hom sold 21,024 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 value of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. The trade was a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keyvan Mohajer sold 90,641 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 value of $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,275 shares of company stock valued at $1,606,644 in the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Carnegie Investment Counsel bought a new stake in SoundHound AI in the 3rd quarter worth approximately $4,193,000. Vanguard Group Inc. increased 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 valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of SoundHound AI by 914.6% during the 3rd quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after purchasing an additional 72,252 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of 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 valued at $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of SoundHound AI by 1,039.3% during the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after purchasing an additional 195,011 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.