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

SoundHound AI (NASDAQ:SOUN - Free Report) had its target price increased by Northland Securities from $6.00 to $8.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a market perform rating on the stock.

Several other brokerages also recently weighed in on SOUN. Barclays reaffirmed a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. DA Davidson restated a "buy" rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Finally, LADENBURG THALM/SH SH reiterated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $12.36.

SoundHound AI Stock Performance

Shares of SOUN traded down $0.03 during midday trading on Tuesday, hitting $12.79. 65,787,659 shares of the stock traded hands, compared to its average volume of 69,371,266. The business's 50 day moving average price is $13.59 and its two-hundred day moving average price is $7.97. The firm has a market capitalization of $4.73 billion, a PE ratio of -35.53 and a beta of 2.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI has a 1-year low of $1.62 and a 1-year high of $24.98.

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

Insider Buying and Selling

In related news, VP Majid Emami sold 94,067 shares of the stock in a transaction dated 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 sale, the vice president now directly owns 735,685 shares of the company's stock, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the company's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI in the fourth quarter worth $40,000. ST Germain D J Co. Inc. increased its position in SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after purchasing an additional 750 shares during the last quarter. NBC Securities Inc. lifted its holdings in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after buying an additional 3,818 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company's stock valued at $42,000 after buying an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company's stock worth $39,000 after buying an additional 5,099 shares during the last quarter. 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.