SoundHound AI (NASDAQ:SOUN) Earns “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of SoundHound AI (NASDAQ:SOUN) in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has a $7.00 target price on the stock.

SOUN has been the topic of several other research reports. Wedbush reissued an outperform rating and issued a $9.00 price objective on shares of SoundHound AI in a research report on Friday, August 9th. Northland Securities boosted their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a market perform rating in a report on Friday, August 9th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a neutral rating to an overweight rating and raised their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of Moderate Buy and an average price target of $7.08.

SoundHound AI Stock Down 0.8 %

Shares of SoundHound AI stock opened at $4.97 on Wednesday. The business has a 50 day moving average price of $4.91 and a 200-day moving average price of $4.99. The company has a market cap of $1.64 billion, a PE ratio of -13.08 and a beta of 2.74. SoundHound AI has a 52 week low of $1.49 and a 52 week high of $10.25.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same period in the previous year, the company posted ($0.10) earnings per share. The company’s revenue for the quarter was up 53.8% on a year-over-year basis. As a group, research analysts anticipate that SoundHound AI will post -0.36 EPS for the current year.

Insider Buying and Selling

In other news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares in the company, valued at approximately $3,765,665.35. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now owns 74,038 shares in the company, valued at $371,670.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 374,504 shares of company stock valued at $1,907,191. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. Vanguard Group Inc. grew its position in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC increased its stake in SoundHound AI by 47.7% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after acquiring an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA bought a new stake in shares of SoundHound AI during the 1st quarter valued at about $6,659,000. Bank of New York Mellon Corp grew its holdings 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 worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after purchasing an additional 409,917 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.