Brokerages Set SoundHound AI, Inc. (NASDAQ:SOUN) Target Price at $7.08

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) has been given an average rating of "Moderate Buy" by the six analysts that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $7.08.

Several equities research analysts have recently issued reports on the company. DA Davidson reiterated a "buy" rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. Northland Securities lifted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a research note on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and increased their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, Wedbush restated an "outperform" rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th.

Insider Activity 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 completion of the sale, the director now directly owns 74,038 shares of the company's stock, valued at $371,670.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, COO Michael Zagorsek sold 42,001 shares of the 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 $204,964.88. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company's stock, valued at $7,189,811.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lawrence Marcus sold 50,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director now directly owns 74,038 shares of the company's stock, valued at approximately $371,670.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 in the last ninety days. Insiders own 21.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI during the 2nd quarter worth approximately $28,000. Hexagon Capital Partners LLC bought a new position in SoundHound AI in the first quarter valued at approximately $29,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI during the 2nd quarter valued at $31,000. HighPoint Advisor Group LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at $37,000. Finally, Amalgamated Bank boosted its position in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company's stock worth $39,000 after purchasing an additional 5,099 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Performance

Shares of SOUN stock traded up $0.07 during trading on Friday, hitting $4.91. 12,658,313 shares of the company were exchanged, compared to its average volume of 34,504,152. The business's 50-day simple moving average is $4.81 and its 200 day simple moving average is $4.75. SoundHound AI has a twelve month low of $1.49 and a twelve month high of $10.25. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -12.92 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same period last year, the business earned ($0.10) EPS. The company's quarterly revenue was up 53.8% on a year-over-year basis. On average, equities analysts forecast that SoundHound AI will post -0.36 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.