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

SoundHound AI (NASDAQ:SOUN - Get Free Report) had its price objective raised by investment analysts at HC Wainwright from $8.00 to $26.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's target price indicates a potential upside of 29.48% from the company's previous close.

Several other equities analysts also recently commented on the stock. Barclays reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. DA Davidson reaffirmed a "buy" rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Finally, LADENBURG THALM/SH SH reissued a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three 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.com, SoundHound AI has an average rating of "Moderate Buy" and an average price target of $12.07.

SoundHound AI Stock Performance

NASDAQ SOUN traded down $1.68 during trading on Monday, reaching $20.08. The company's stock had a trading volume of 43,827,379 shares, compared to its average volume of 40,459,789. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of -55.78 and a beta of 3.03. SoundHound AI has a 12 month low of $1.62 and a 12 month high of $24.08. 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 firm has a 50 day moving average price of $9.01 and a 200 day moving average price of $6.23.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period last year, the firm earned ($0.09) EPS. The business's quarterly revenue was up 88.7% compared to the same quarter last year. As a group, equities analysts anticipate that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Activity

In other news, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 1,473,322 shares of the company's stock, valued at $31,308,092.50. This represents a 15.86 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares of the company's stock, valued at approximately $890,583.21. This trade represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,258,242 shares of company stock valued at $34,752,649 over the last three months. Corporate insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. grew its position in SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock worth $89,000 after buying an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company's stock valued at $80,000 after acquiring an additional 1,975 shares during the period. Signaturefd LLC grew its holdings in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company's stock worth $57,000 after purchasing an additional 2,000 shares during the last quarter. Newbridge Financial Services Group Inc. increased its position in shares of SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock valued at $46,000 after acquiring an additional 2,320 shares during the period. Finally, Wolverine Asset Management LLC raised its position in SoundHound AI by 7.7% during the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company's stock valued at $164,000 after purchasing an additional 2,522 shares during the last quarter. Hedge funds and other 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.