Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Price Target at $12.07

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) has received an average rating of "Moderate Buy" from the seven brokerages that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $12.07.

A number of research analysts recently commented on SOUN shares. Barclays reissued a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH restated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reiterated a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Finally, HC Wainwright boosted their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday.

SoundHound AI Stock Up 19.7 %

Shares of NASDAQ SOUN traded up $3.99 during trading on Thursday, reaching $24.23. 129,107,203 shares of the stock were exchanged, compared to its average volume of 41,064,262. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of -67.31 and a beta of 3.03. The business's 50-day moving average price is $10.29 and its 200 day moving average price is $6.67. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI has a twelve month low of $1.62 and a twelve month high of $24.98.

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

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Nitesh Sharan sold 57,761 shares of the business's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $1,172,548.30. Following the transaction, the chief financial officer now owns 1,502,650 shares of the company's stock, valued at approximately $30,503,795. This represents a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have 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 owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. State Street Corp increased its stake in shares of SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock valued at $33,540,000 after acquiring an additional 42,869 shares during the period. Geode Capital Management LLC increased its position in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after purchasing an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after buying an additional 189,109 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock valued at $3,940,000 after buying an additional 479,912 shares during the period. Finally, Carnegie Investment Counsel bought a new position in SoundHound AI during the third quarter valued at about $4,193,000. 19.28% of the stock is owned by institutional investors and hedge funds.

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.