Northland Securities Forecasts Strong Price Appreciation for SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI (NASDAQ:SOUN) had its target price raised by analysts at Northland Securities from $6.00 to $8.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Northland Securities’ price objective would suggest a potential downside of 42.40% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Wedbush increased their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. HC Wainwright reissued a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Barclays reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Trading Up 8.6 %

Shares of SoundHound AI stock opened at $13.89 on Tuesday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of -38.58 and a beta of 2.63. SoundHound AI has a twelve month low of $1.62 and a twelve month high of $24.98. The business has a 50-day moving average price of $13.59 and a 200-day moving average price of $7.97.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.09) EPS. Equities research analysts anticipate that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Activity

In other news, VP Majid Emami sold 37,459 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $31,308,092.50. This represents a 15.86 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in SOUN. NBC Securities Inc. raised its stake in shares of SoundHound AI by 97.8% during 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 in the last quarter. Amalgamated Bank increased its holdings in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares during the period. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI during the 4th quarter valued at $40,000. Farther Finance Advisors LLC lifted its holdings in shares of SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after buying an additional 6,716 shares during the period. Finally, Sei Investments Co. bought a new position in shares of SoundHound AI during the 2nd quarter worth $43,000. 19.28% of the stock is currently 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.