SoundHound AI (NASDAQ:SOUN) Price Target Raised to $26.00 at HC Wainwright

SoundHound AI (NASDAQ:SOUN) had its price objective raised by research analysts at HC Wainwright from $8.00 to $26.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 19.54% from the stock’s previous close.

Several other brokerages also recently issued reports on SOUN. Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Wedbush increased 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. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Stock Performance

Shares of SoundHound AI stock opened at $21.75 on Monday. The stock’s fifty day simple moving average is $9.01 and its 200 day simple moving average is $6.22. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $8.04 billion, a PE ratio of -60.42 and a beta of 3.03. SoundHound AI has a 12 month low of $1.62 and a 12 month high of $24.08.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the firm posted ($0.09) earnings per share. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. On average, research analysts predict that SoundHound AI will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 94,067 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the sale, the vice president now owns 735,685 shares in the company, valued at $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Michael Zagorsek sold 277,813 shares of the company’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,258,242 shares of company stock worth $34,752,649 over the last ninety days. 12.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of SOUN. Charles Schwab Investment Management Inc. lifted its position in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after buying an additional 189,109 shares during the last quarter. Carnegie Investment Counsel bought a new stake in SoundHound AI in the 3rd quarter valued at $4,193,000. FMR LLC lifted its holdings in SoundHound AI by 112.8% during the 3rd quarter. FMR LLC now owns 49,038 shares of the company’s stock valued at $229,000 after purchasing an additional 25,989 shares during the last quarter. Intech Investment Management LLC bought a new position in SoundHound AI during the third quarter worth $305,000. Finally, Victory Capital Management Inc. raised its position in shares of SoundHound AI by 230.9% in the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after purchasing an additional 84,301 shares during the period. Institutional investors own 19.28% of the company’s stock.

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.