SoundHound AI's (SOUN) "Outperform" Rating Reaffirmed at Wedbush

SoundHound AI (NASDAQ:SOUN - Get Free Report)'s stock had its "outperform" rating reissued by research analysts at Wedbush in a research report issued on Thursday, Benzinga reports. They currently have a $9.00 target price on the stock. Wedbush's price objective points to a potential upside of 83.30% from the stock's current price.

Several other research analysts have also issued reports on the company. Northland Securities increased their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a report on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Finally, HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, September 18th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $7.08.

SoundHound AI Price Performance

Shares of SoundHound AI stock traded up $0.02 on Thursday, hitting $4.91. 10,785,895 shares of the company's stock traded hands, compared to its average volume of 35,821,645. SoundHound AI has a one year low of $1.49 and a one year high of $10.25. The company has a fifty day moving average of $4.84 and a two-hundred day moving average of $4.97. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -13.00 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate 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 business had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the previous year, the company earned ($0.10) EPS. The firm's revenue for the quarter was up 53.8% on a year-over-year basis. Equities research analysts anticipate that SoundHound AI will post -0.36 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares of the company's stock, valued at $7,614,805.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares of the company's stock, valued at $7,614,805.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the sale, the insider now owns 865,965 shares in the company, valued at $4,225,909.20. The disclosure for this sale can be found here. Insiders have sold a total of 535,275 shares of company stock valued at $2,802,644 over the last 90 days. Insiders own 21.30% of the company's stock.

Institutional Trading of SoundHound AI

A number of hedge funds have recently bought and sold shares of the business. Hexagon Capital Partners LLC bought a new stake in shares of SoundHound AI in the first quarter valued at $29,000. DecisionPoint Financial LLC bought a new stake in shares of SoundHound AI in the first quarter valued at $40,000. Kings Path Partners LLC bought a new stake in shares of SoundHound AI in the second quarter valued at $28,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI in the second quarter valued at $31,000. Finally, Amalgamated Bank raised its stake in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company's stock valued at $39,000 after buying an additional 5,099 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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.