Brokerages Set SoundHound AI, Inc. (NASDAQ:SOUN) Price Target at $12.86

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received an average rating of “Hold” from the seven brokerages that are currently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $12.86.

Several equities analysts recently weighed in on SOUN shares. DA Davidson raised their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Wedbush upped their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th.

SoundHound AI Trading Up 1.0 %

Shares of SOUN stock opened at $8.28 on Friday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a fifty day simple moving average of $10.14 and a two-hundred day simple moving average of $10.80. The firm has a market capitalization of $3.30 billion, a PE ratio of -23.00 and a beta of 2.73. SoundHound AI has a 52-week low of $3.50 and a 52-week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. On average, analysts predict that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now owns 138,850 shares in the company, valued at $1,399,608. The trade was a 2.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 138,895 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the sale, the chief executive officer now owns 1,764,166 shares of the company’s stock, valued at $17,782,793.28. This trade represents a 7.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock valued at $4,999,726 in the last ninety days. Insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kieckhefer Group LLC purchased a new stake in shares of SoundHound AI in the fourth quarter worth approximately $3,432,000. Charles Schwab Investment Management Inc. increased its stake in 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 worth $12,033,000 after purchasing an additional 189,109 shares during the period. Oriental Harbor Investment Fund bought a new stake in shares of SoundHound AI during the fourth quarter worth $8,964,000. Geode Capital Management LLC boosted its stake in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the period. Finally, Wealth Effects LLC purchased a new stake in shares of SoundHound AI during the fourth quarter valued at $357,000. 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.