SoundHound AI (NASDAQ:SOUN) Coverage Initiated at Piper Sandler

Equities researchers at Piper Sandler started coverage on shares of SoundHound AI (NASDAQ:SOUN) in a research report issued to clients and investors on Tuesday, Marketbeat reports. The brokerage set an “overweight” rating and a $12.00 price target on the stock. Piper Sandler’s price objective would indicate a potential upside of 9.39% from the company’s current price.

A number of other brokerages have also commented on SOUN. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday, February 24th. HC Wainwright cut their price target on SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. DA Davidson lowered their price objective on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Wedbush dropped their price objective on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a report on Friday, May 9th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $10.50.

SoundHound AI Stock Down 1.3%

Shares of NASDAQ:SOUN opened at $10.97 on Tuesday. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.41 billion, a P/E ratio of -30.47 and a beta of 2.71. SoundHound AI has a 12 month low of $3.82 and a 12 month high of $24.98. The company’s 50-day moving average price is $9.14 and its two-hundred day moving average price is $11.73.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. During the same period in the prior year, the business earned ($0.07) earnings per share. SoundHound AI’s quarterly revenue was up 151.2% on a year-over-year basis. As a group, research analysts forecast that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 44,157 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total value of $529,884.00. Following the sale, the chief technology officer now directly owns 723,009 shares in the company, valued at $8,676,108. This trade represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 138,895 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the transaction, the chief executive officer now owns 1,764,166 shares of the company’s stock, valued at approximately $17,782,793.28. This represents a 7.30% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 548,537 shares of company stock worth $5,567,760. 12.28% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. increased its position in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after buying an additional 830 shares in the last quarter. Orion Capital Management LLC acquired a new position in SoundHound AI in the fourth quarter valued at about $30,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI during the fourth quarter worth about $40,000. Golden State Wealth Management LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at about $42,000. Finally, BIT Capital GmbH acquired a new position in shares of SoundHound AI in the 4th quarter valued at approximately $43,000. 19.28% of the stock is 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.