HC Wainwright Boosts SoundHound AI (NASDAQ:SOUN) Price Target to $8.00

SoundHound AI (NASDAQ:SOUN - Get Free Report) had its price target boosted by equities research analysts at HC Wainwright from $7.00 to $8.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 20.66% from the stock's previous close.

Several other equities analysts have also commented on the stock. Northland Securities raised their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a report on Friday, August 9th. LADENBURG THALM/SH SH reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday. DA Davidson restated a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Cantor Fitzgerald raised SoundHound AI from a "neutral" rating to an "overweight" rating and raised their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, Barclays reiterated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $7.64.

SoundHound AI Stock Up 5.7 %

Shares of SOUN traded up $0.36 during mid-day trading on Thursday, hitting $6.63. 71,164,039 shares of the company's stock were exchanged, compared to its average volume of 34,572,457. SoundHound AI has a 52 week low of $1.62 and a 52 week high of $10.25. The stock's 50-day simple moving average is $5.21 and its 200-day simple moving average is $4.93. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of -19.22 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 73.21% and a negative net margin of 163.58%. The firm had revenue of $25.10 million during the quarter, compared to analysts' expectations of $23.02 million. During the same period in the previous year, the firm earned ($0.09) EPS. The company's quarterly revenue was up 88.7% compared to the same quarter last year. Analysts forecast that SoundHound AI will post -0.36 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 50,000 shares of the firm's stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now owns 74,038 shares of the company's stock, valued at $371,670.76. This trade represents a 40.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other SoundHound AI news, insider James Ming Hom sold 21,024 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 value of $102,597.12. Following the completion of the transaction, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. This represents a 2.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lawrence Marcus sold 50,000 shares of the firm's stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company's stock, valued at $371,670.76. The trade was a 40.31 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,275 shares of company stock worth $1,606,644. Corporate insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of SOUN. Vanguard Group Inc. lifted its holdings in SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock worth $94,655,000 after buying an additional 2,226,471 shares during the period. Charles Schwab Investment Management Inc. lifted its stake 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 worth $12,033,000 after acquiring an additional 189,109 shares during the period. Baupost Group LLC MA bought a new stake in SoundHound AI in the first quarter valued at approximately $6,659,000. Bank of New York Mellon Corp increased its position in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock valued at $3,940,000 after purchasing an additional 479,912 shares during the period. Finally, Carnegie Investment Counsel acquired a new stake in SoundHound AI during the 3rd quarter valued at approximately $4,193,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.