SoundHound AI, Inc. (NASDAQ:SOUN) Given Consensus Recommendation of “Hold” by Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has been assigned a consensus recommendation of “Hold” from the seven research firms that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $12.86.

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

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The shares were 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 approximately $17,782,793.28. The trade was a 7.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider James Ming Hom sold 51,196 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares in the company, valued at $6,544,174. The trade was a 7.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SOUN. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after buying an additional 315,897 shares in the last quarter. State Street Corp lifted its stake in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after acquiring an additional 264,382 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after acquiring an additional 143,487 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Down 11.8 %

Shares of SOUN stock opened at $7.32 on Friday. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -20.33 and a beta of 2.62. SoundHound AI has a 12-month low of $3.50 and a 12-month high of $24.98. The firm has a fifty day moving average of $11.03 and a 200-day moving average of $10.65. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last released its quarterly 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). The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, equities research analysts predict that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

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.