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

SoundHound AI (NASDAQ:SOUN) had its price target raised by HC Wainwright from $7.00 to $8.00 in a research note published on Thursday,Benzinga reports. HC Wainwright currently has a buy rating on the stock.

Several other brokerages have also recently weighed in on SOUN. Northland Securities lifted their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $6.36 on Thursday. The firm has a market capitalization of $2.28 billion, a PE ratio of -17.67 and a beta of 2.71. The company has a quick ratio of 8.77, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $5.30 and a two-hundred day moving average price of $4.95. SoundHound AI has a twelve month low of $1.62 and a twelve month high of $10.25.

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 net margin of 163.58% and a negative return on equity of 55.58%. 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 firm earned ($0.09) EPS. SoundHound AI’s revenue for the quarter was up 88.7% on a year-over-year basis. Equities analysts forecast that SoundHound AI will post -0.36 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now owns 74,038 shares in the company, valued at $371,670.76. This trade represents a 40.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $204,964.88. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $7,189,811.36. This trade represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock worth $1,606,644 over the last three months. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI in the 3rd quarter worth approximately $4,193,000. Vanguard Group Inc. lifted its stake in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. International Assets Investment Management LLC boosted its position in SoundHound AI by 914.6% during the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after buying an additional 72,252 shares during the period. Bank of New York Mellon Corp grew its stake in shares of 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 valued at $3,940,000 after buying an additional 479,912 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after buying an additional 195,011 shares during 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.