SoundHound AI (NASDAQ:SOUN) Receives Neutral Rating from Barclays

Barclays reissued their neutral rating on shares of SoundHound AI (NASDAQ:SOUN) in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a $7.00 price objective on the stock.

Other research analysts also recently issued research reports about the company. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. 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. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Three 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, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus target price of $7.50.

SoundHound AI Stock Performance

SoundHound AI stock opened at $6.27 on Wednesday. SoundHound AI has a 52-week low of $1.62 and a 52-week high of $10.25. The stock’s 50 day moving average price is $5.21 and its two-hundred day moving average price is $4.93. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -17.42 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 73.21% and a negative net margin of 163.58%. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.09) EPS. On average, equities research analysts forecast that SoundHound AI will post -0.36 EPS for the current year.

Insider Activity

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 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 of the company’s stock, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the sale, the insider now directly owns 865,965 shares in the company, valued at $4,225,909.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of SoundHound AI 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 in the company, valued at $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,275 shares of company stock valued at $1,606,644. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in SoundHound AI by 112.8% in the third quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after acquiring an additional 25,989 shares in the last quarter. Quantbot Technologies LP bought a new stake in SoundHound AI in the third quarter worth $57,000. The Manufacturers Life Insurance Company boosted its holdings in SoundHound AI by 43.1% in the third quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock worth $708,000 after acquiring an additional 45,750 shares in the last quarter. Independent Advisor Alliance boosted its holdings in SoundHound AI by 85.3% in the third quarter. Independent Advisor Alliance now owns 36,663 shares of the company’s stock worth $171,000 after acquiring an additional 16,880 shares in the last quarter. Finally, Meridian Wealth Management LLC bought a new stake in SoundHound AI in the third quarter worth $431,000. 19.28% of the stock is owned by institutional investors.

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.