SoundHound AI, Inc. (NASDAQ:SOUN) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $12.36.

Several research analysts have recently commented on SOUN shares. Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities lifted their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Finally, DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th.

Insiders Place Their Bets

In other SoundHound AI news, COO Michael Zagorsek sold 277,813 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. This represents a 15.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares during the period. Geode Capital Management LLC boosted its position in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Carnegie Investment Counsel boosted its position in shares of SoundHound AI by 9.1% in the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after purchasing an additional 82,300 shares in the last quarter. Finally, Oriental Harbor Investment Fund bought a new stake in shares of SoundHound AI in the 4th quarter worth approximately $8,964,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

SoundHound AI stock opened at $13.64 on Monday. The firm has a market capitalization of $5.04 billion, a P/E ratio of -37.89 and a beta of 2.63. SoundHound AI has a one year low of $1.62 and a one year high of $24.98. The business has a fifty day moving average price of $14.03 and a 200-day moving average price of $8.18. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the company earned ($0.09) earnings per share. The firm’s quarterly revenue was up 88.7% on a year-over-year basis. As a group, equities research analysts forecast that SoundHound AI will post -0.38 EPS for the current year.

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.