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

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

SOUN has been the subject of a number of other research reports. Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday. Finally, DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $6.36 on Thursday. The firm has a market capitalization of $2.28 billion, a P/E ratio of -17.67 and a beta of 2.71. SoundHound AI has a twelve month low of $1.62 and a twelve month high of $10.25. The company has a fifty day moving average of $5.30 and a 200-day moving average of $4.95. The company has a quick ratio of 8.77, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s revenue was up 88.7% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.09) earnings per share. As a group, sell-side analysts anticipate that SoundHound AI will post -0.36 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. This trade represents a 2.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now directly owns 74,038 shares in the company, valued at approximately $371,670.76. This represents a 40.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock valued at $1,606,644 over the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kings Path Partners LLC bought a new stake in shares of SoundHound AI during the 2nd quarter worth $28,000. International Assets Investment Management LLC bought a new stake in SoundHound AI in the second quarter worth about $31,000. NBC Securities Inc. boosted its stake in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares during the last quarter. Amalgamated Bank grew its position in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares during the period. Finally, Signaturefd LLC increased its stake in shares of SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.