SoundHound AI, Inc. (NASDAQ:SOUN) Receives $12.86 Average PT from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) has received an average recommendation of "Hold" from the seven analysts that are currently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $12.86.

Several research analysts have commented on SOUN shares. Wedbush raised their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. HC Wainwright reiterated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, DA Davidson raised their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th.

SoundHound AI Price Performance

SOUN stock traded down $0.98 during trading on Friday, reaching $7.32. 32,289,397 shares of the company were exchanged, compared to its average volume of 38,013,142. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI has a twelve month low of $3.50 and a twelve month high of $24.98. The company has a 50-day moving average of $11.03 and a two-hundred day moving average of $10.69. The company has a market capitalization of $2.92 billion, a price-to-earnings ratio of -20.33 and a beta of 2.73.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, equities analysts predict that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other news, Director Diana Sroka sold 3,402 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the completion of the transaction, the director now directly owns 138,850 shares of the company's stock, valued at approximately $1,399,608. The trade was a 2.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Ming Hom sold 28,388 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now directly owns 689,652 shares of the company's stock, valued at $6,827,554.80. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 500,565 shares of company stock valued at $4,999,726. Insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Vanguard Group Inc. raised its holdings in shares of SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new stake in shares of SoundHound AI during the 4th quarter valued at about $41,595,000. Invesco Ltd. increased its position in shares of SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after buying an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in SoundHound AI during the fourth quarter valued at $16,421,000. Finally, Capital Fund Management S.A. acquired a new stake in SoundHound AI in the 4th quarter worth about $16,092,000. Hedge funds and other 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.