SoundHound AI (NASDAQ:SOUN) Price Target Cut to $10.00 by Analysts at DA Davidson

SoundHound AI (NASDAQ:SOUN - Get Free Report) had its price target dropped by DA Davidson from $13.00 to $10.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. DA Davidson's target price would indicate a potential upside of 21.51% from the company's current price.

Other equities research analysts have also issued reports about the company. HC Wainwright reissued a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Northland Securities raised their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, SoundHound AI presently has an average rating of "Hold" and an average price target of $12.43.

SoundHound AI Stock Down 0.6 %

SOUN stock traded down $0.05 during trading on Monday, reaching $8.23. The stock had a trading volume of 14,553,247 shares, compared to its average volume of 37,980,864. SoundHound AI has a 1-year low of $3.50 and a 1-year high of $24.98. The firm has a fifty day moving average price of $10.14 and a 200 day moving average price of $10.84. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.28 billion, a P/E ratio of -22.86 and a beta of 2.73.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, equities analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Activity

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction that occurred 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 transaction, the director now directly owns 138,850 shares of the company's stock, valued at $1,399,608. The trade was a 2.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James Ming Hom sold 51,196 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the sale, the insider now directly owns 638,456 shares of the company's stock, valued at $6,544,174. This represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. lifted its stake in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC grew its position in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after acquiring an additional 1,271 shares during the period. Orion Capital Management LLC acquired a new position in SoundHound AI during the fourth quarter worth $30,000. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI in the 4th quarter valued at $40,000. 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.

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