SoundHound AI (NASDAQ:SOUN) Rating Reiterated by Wedbush

SoundHound AI (NASDAQ:SOUN)‘s stock had its “outperform” rating reaffirmed by Wedbush in a report released on Thursday, Benzinga reports. They presently have a $9.00 price objective on the stock. Wedbush’s price target indicates a potential upside of 88.28% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities lifted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Price Performance

SOUN opened at $4.78 on Thursday. The firm has a 50 day simple moving average of $4.84 and a 200 day simple moving average of $4.96. SoundHound AI has a fifty-two week low of $1.49 and a fifty-two week high of $10.25. The company has a market cap of $1.57 billion, a price-to-earnings ratio of -12.58 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share 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 company had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same period last year, the company earned ($0.10) EPS. The business’s revenue for the quarter was up 53.8% compared to the same quarter last year. As a group, analysts expect that SoundHound AI will post -0.36 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was 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 directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $102,597.12. Following the sale, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the sale, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The disclosure for this sale can be found here. Insiders have sold 535,275 shares of company stock valued at $2,802,644 in the last 90 days. 21.30% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. boosted its position in SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of SoundHound AI in the 2nd quarter valued at approximately $104,000. Truist Financial Corp grew its stake in shares of SoundHound AI by 432.9% in the second quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock valued at $382,000 after buying an additional 125,785 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in SoundHound AI during the second quarter worth $113,000. Finally, Algert Global LLC acquired a new stake in SoundHound AI in the second quarter valued at $103,000. Institutional investors and hedge funds 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.