SoundHound AI (NASDAQ:SOUN) Receives "Neutral" Rating from Barclays

Barclays reaffirmed their neutral rating on shares of SoundHound AI (NASDAQ:SOUN - Free Report) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

A number of other equities research analysts have also recently weighed in on the stock. LADENBURG THALM/SH SH reissued a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday. HC Wainwright reaffirmed a "buy" rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Wedbush reaffirmed an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. Northland Securities upped their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a report on Friday, August 9th. Finally, DA Davidson reaffirmed a "buy" rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $7.50.

SoundHound AI Stock Down 17.1 %

SOUN traded down $1.29 on Wednesday, reaching $6.27. The company had a trading volume of 72,895,708 shares, compared to its average volume of 34,403,961. SoundHound AI has a 1 year low of $1.62 and a 1 year high of $10.25. The stock has a market capitalization of $2.25 billion, a PE ratio of -17.42 and a beta of 2.71. The stock has a 50-day moving average price of $5.21 and a 200-day moving average price of $4.93.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.08) by $0.02. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 73.21%. The firm had revenue of $25.10 million during the quarter, compared to analysts' expectations of $23.02 million. During the same period in the previous year, the company earned ($0.09) earnings per share. SoundHound AI's quarterly revenue was up 88.7% compared to the same quarter last year. As a group, analysts expect that SoundHound AI will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares of the company's stock, valued at $11,311,808.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the company's stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now directly owns 74,038 shares in the company, valued at approximately $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the company's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 over the last ninety days. Corporate insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Carnegie Investment Counsel acquired a new position in SoundHound AI during the third quarter worth about $4,193,000. Vanguard Group Inc. grew its position in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. International Assets Investment Management LLC grew its position in shares of SoundHound AI by 914.6% in the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company's stock valued at $374,000 after purchasing an additional 72,252 shares during the last quarter. Bank of New York Mellon Corp grew its position 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 purchasing an additional 479,912 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in shares of SoundHound AI by 1,039.3% in the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company's stock valued at $844,000 after purchasing an additional 195,011 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.