DA Davidson Reaffirms “Buy” Rating for SoundHound AI (NASDAQ:SOUN)

DA Davidson reaffirmed their buy rating on shares of SoundHound AI (NASDAQ:SOUN) in a research report released on Monday morning, Benzinga reports. They currently have a $9.50 price target on the stock.

SOUN has been the subject of a number of other research reports. Cantor Fitzgerald raised shares of SoundHound AI from a neutral rating to an overweight rating and boosted their price objective for the company from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush reissued an outperform rating and set a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. HC Wainwright restated a buy rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, Northland Securities upped their target price 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. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, SoundHound AI presently has an average rating of Moderate Buy and a consensus price target of $7.08.

SoundHound AI Trading Down 0.8 %

Shares of NASDAQ SOUN opened at $4.69 on Monday. The business’s 50 day moving average is $4.83 and its 200-day moving average is $4.86. The firm has a market cap of $1.54 billion, a P/E ratio of -12.34 and a beta of 2.73. SoundHound AI has a 1-year low of $1.49 and a 1-year high of $10.25.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm’s quarterly revenue was up 53.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.10) EPS. 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, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at approximately $11,529,936.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the transaction, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares in the company, valued at $7,614,805.68. The disclosure for this sale can be found here. Insiders sold a total of 535,275 shares of company stock worth $2,802,644 over the last three months. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Newbridge Financial Services Group Inc. boosted its holdings in shares of SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after acquiring an additional 2,320 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of SoundHound AI during the second quarter valued at about $104,000. Truist Financial Corp grew its holdings in shares of SoundHound AI by 432.9% during the second quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock worth $382,000 after purchasing an additional 125,785 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in shares of SoundHound AI in the second quarter valued at approximately $113,000. Finally, Algert Global LLC bought a new position in SoundHound AI in the 2nd quarter valued at approximately $103,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.