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

SoundHound AI, Inc. (NASDAQ:SOUN) has received a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $12.36.

SOUN has been the topic of several research reports. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 30,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the sale, the director now owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. This represents a 21.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 53,891 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $10.00, for a total transaction of $538,910.00. Following the sale, the insider now directly owns 813,193 shares in the company, valued at $8,131,930. This trade represents a 6.22 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC raised its position in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares during the period. NBC Securities Inc. increased its position in shares of SoundHound AI by 97.8% in 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 during the period. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI in the fourth quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI in the fourth quarter valued at about $40,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $15.25 on Friday. SoundHound AI has a 1-year low of $2.22 and a 1-year high of $24.98. 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 $6.00 billion, a price-to-earnings ratio of -42.36 and a beta of 2.56. The stock’s fifty day simple moving average is $16.70 and its 200-day simple moving average is $9.45.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share 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 during the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. On average, sell-side analysts predict that SoundHound AI will post -0.38 earnings per share for the current fiscal 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.