SoundHound AI (NASDAQ:SOUN) Price Target Raised to $8.00

SoundHound AI (NASDAQ:SOUN) had its target price upped by investment analysts at HC Wainwright from $7.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 25.79% from the company’s current price.

A number of other equities research analysts have also recently weighed in on SOUN. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday. 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. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Stock Down 4.1 %

SOUN stock opened at $6.36 on Thursday. The firm’s 50 day moving average price is $5.30 and its 200-day moving average price is $4.95. The company has a debt-to-equity ratio of 0.13, a quick ratio of 8.77 and a current ratio of 2.58. The firm has a market cap of $2.28 billion, a PE ratio of -17.67 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 released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue was up 88.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.09) EPS. On average, equities research analysts anticipate that SoundHound AI will post -0.36 EPS for the current year.

Insider Activity

In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the transaction, the insider now owns 865,965 shares in the company, valued at $4,225,909.20. The trade was a 2.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the sale, the chief technology officer now owns 1,039,194 shares in the company, valued at $5,071,266.72. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,275 shares of company stock worth $1,606,644. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of the business. Kings Path Partners LLC purchased a new stake in SoundHound AI during the 2nd quarter worth about $28,000. NBC Securities Inc. raised its position in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in SoundHound AI during the second quarter worth approximately $31,000. Farther Finance Advisors LLC increased its stake in SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares during the last quarter. Finally, Amalgamated Bank raised its holdings in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $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.

SoundHound AI Company Profile

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.