Wedbush Forecasts Strong Price Appreciation for SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI (NASDAQ:SOUN - Get Free Report) had its price objective hoisted by investment analysts at Wedbush from $10.00 to $22.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Wedbush's price target suggests a potential upside of 11.73% from the company's previous close.

A number of other research firms have also recently issued reports on SOUN. DA Davidson restated a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. HC Wainwright boosted their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Barclays reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $9.50.

SoundHound AI Trading Up 16.4 %

SOUN stock traded up $2.78 during mid-day trading on Monday, reaching $19.69. 176,543,847 shares of the stock traded hands, compared to its average volume of 39,036,742. SoundHound AI has a one year low of $1.62 and a one year high of $19.97. The stock has a market capitalization of $7.28 billion, a PE ratio of -52.39 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The business has a 50-day moving average price of $7.48 and a two-hundred day moving average price of $5.69.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results 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 net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the prior year, the firm posted ($0.09) EPS. The firm's revenue was up 88.7% compared to the same quarter last year. Equities research analysts expect that SoundHound AI will post -0.38 EPS for the current year.

Insider Buying and Selling

In other news, VP Majid Emami sold 94,067 shares of the business's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the transaction, the vice president now directly owns 735,685 shares of the company's stock, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm's stock in a transaction dated 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 directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,060,416 shares of company stock valued at $26,684,544 over the last three months. 12.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently added to or reduced their stakes in SOUN. Kings Path Partners LLC purchased a new position in shares of SoundHound AI in the 2nd quarter worth approximately $28,000. International Assets Investment Management LLC purchased a new position in SoundHound AI in the second quarter worth $31,000. NBC Securities Inc. increased its position in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company's stock valued at $39,000 after purchasing an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC boosted its position in shares of SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company's stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

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.