DA Davidson Raises SoundHound AI (NASDAQ:SOUN) Price Target to $13.00

SoundHound AI (NASDAQ:SOUN) had its target price hoisted by analysts at DA Davidson from $9.50 to $13.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. DA Davidson’s target price points to a potential upside of 20.21% from the company’s current price.

A number of other equities research analysts also recently weighed in on SOUN. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Barclays reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Northland Securities upped their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Price Performance

SoundHound AI stock traded up $1.60 during midday trading on Friday, reaching $10.81. The company’s stock had a trading volume of 54,022,377 shares, compared to its average volume of 55,586,898. SoundHound AI has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. The firm has a market capitalization of $4.25 billion, a PE ratio of -30.36 and a beta of 2.56. The stock’s 50 day simple moving average is $15.41 and its 200 day simple moving average is $9.84. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The business had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, equities research analysts forecast that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Michael Zagorsek sold 277,813 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the sale, the chief operating officer now 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 quarter, insiders sold 2,722,918 shares of company stock worth $44,935,943. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. Rockefeller Capital Management L.P. bought a new position in SoundHound AI during the 4th quarter worth $41,595,000. Invesco Ltd. raised its position in shares of SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock worth $27,426,000 after acquiring an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC bought a new position in shares of SoundHound AI in the 4th quarter worth about $16,421,000. Finally, Capital Fund Management S.A. bought a new position in shares of SoundHound AI in the 4th quarter worth about $16,092,000. Institutional investors and hedge funds 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.