SoundHound AI (NASDAQ:SOUN) Receives Outperform Rating from Wedbush

SoundHound AI (NASDAQ:SOUN)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research report issued on Friday, Benzinga reports. They currently have a $9.00 price target on the stock. Wedbush’s price target would indicate a potential upside of 82.93% from the stock’s current price.

Several other equities research analysts also recently weighed in on SOUN. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Monday, July 29th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the company from $5.00 to $7.00 in a report on Friday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.30.

SoundHound AI Trading Down 5.6 %

Shares of SOUN stock traded down $0.29 on Friday, hitting $4.92. The company had a trading volume of 18,961,496 shares, compared to its average volume of 39,922,598. The firm has a market cap of $1.62 billion, a P/E ratio of -12.95 and a beta of 2.77. The stock’s 50-day moving average is $4.62 and its two-hundred day moving average is $4.63. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84. SoundHound AI has a twelve month low of $1.49 and a twelve month high of $10.25.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. The business had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The firm’s revenue was up 72.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.12) earnings per share. On average, equities research analysts anticipate that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total value of $520,000.00. Following the completion of the sale, the chief technology officer now owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the sale, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 104,000 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value of $520,000.00. Following the completion of the sale, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The disclosure for this sale can be found here. Insiders have sold a total of 625,728 shares of company stock worth $3,011,476 over the last ninety days. 21.30% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after acquiring an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC boosted its stake in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after acquiring an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA bought a new stake in SoundHound AI in the first quarter worth $6,659,000. Bank of New York Mellon Corp boosted its stake in SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after purchasing an additional 409,917 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other 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.