SoundHound AI, Inc. (NASDAQ:SOUN) Receives $12.36 Average Target Price from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the seven brokerages that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $12.36.

A number of analysts have recently commented on the stock. HC Wainwright reiterated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, January 13th. Northland Securities lifted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. LADENBURG THALM/SH SH reissued a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reaffirmed a "buy" rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Finally, Barclays reiterated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th.

SoundHound AI Stock Down 2.4 %

SOUN stock traded down $0.33 during midday trading on Monday, hitting $13.64. The company's stock had a trading volume of 64,572,802 shares, compared to its average volume of 84,963,280. The firm's 50-day moving average is $14.14 and its 200-day moving average is $8.24. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI has a 12 month low of $1.62 and a 12 month high of $24.98. The company has a market cap of $5.04 billion, a PE ratio of -37.89 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data 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 return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million for the quarter, compared to analysts' expectations of $23.02 million. During the same period last year, the firm posted ($0.09) earnings per share. SoundHound AI's revenue was up 88.7% compared to the same quarter last year. On average, equities research analysts forecast that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Michael Zagorsek sold 277,813 shares of the company's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company's stock, valued at approximately $31,308,092.50. This represents a 15.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Eric R. Ball sold 30,000 shares of the stock in a transaction on 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 owns 110,907 shares of the company's stock, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock worth $45,391,343 over the last quarter. 12.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers raised its stake in SoundHound AI by 106.6% during the 2nd quarter. Rhumbline Advisers now owns 360,167 shares of the company's stock valued at $1,423,000 after purchasing an additional 185,861 shares during the period. Victory Capital Management Inc. grew its holdings in SoundHound AI by 9.0% during the 2nd quarter. Victory Capital Management Inc. now owns 36,511 shares of the company's stock valued at $144,000 after buying an additional 3,017 shares in the last quarter. Amalgamated Bank raised its position in shares of SoundHound AI by 108.0% during 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 last quarter. Hsbc Holdings PLC lifted its holdings in shares of SoundHound AI by 928.9% in the second quarter. Hsbc Holdings PLC now owns 155,975 shares of the company's stock worth $613,000 after buying an additional 140,815 shares in the last quarter. Finally, Sei Investments Co. bought a new position in shares of SoundHound AI during the second quarter worth $43,000. Institutional investors own 19.28% of the company's stock.

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.