Wedbush Increases SoundHound AI (NASDAQ:SOUN) Price Target to $22.00

SoundHound AI (NASDAQ:SOUN) had its price target hoisted by Wedbush from $10.00 to $22.00 in a report issued on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

SOUN has been the topic of several other research reports. Barclays reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright raised their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.50.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $20.84 on Monday. SoundHound AI has a 12-month low of $1.62 and a 12-month high of $24.08. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $7.71 billion, a price-to-earnings ratio of -57.89 and a beta of 3.03. The business has a 50 day simple moving average of $8.39 and a 200 day simple moving average of $6.00.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analysts’ expectations 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 for the quarter was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) earnings per share. On average, equities research analysts anticipate that SoundHound AI will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction that occurred on Monday, December 9th. The shares were 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 directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 20,337 shares of the company’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 $99,244.56. Following the completion of the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,535,517 shares of company stock valued at $36,108,293 in the last three months. 12.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its stake in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares in the last quarter. Carnegie Investment Counsel purchased a new position in SoundHound AI during the third quarter valued at approximately $4,193,000. Intech Investment Management LLC acquired a new position in SoundHound AI in the 3rd quarter valued at approximately $305,000. Victory Capital Management Inc. lifted its position in SoundHound AI by 230.9% in the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after buying an additional 84,301 shares in the last quarter. Finally, Meridian Wealth Management LLC acquired a new stake in shares of SoundHound AI during the 3rd quarter valued at $431,000. 19.28% of the stock is 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.