SoundHound AI (NASDAQ:SOUN) Upgraded at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of SoundHound AI (NASDAQ:SOUN) from a neutral rating to an overweight rating in a report published on Friday morning, Marketbeat reports. Cantor Fitzgerald currently has $15.00 price target on the stock, up from their previous price target of $13.00.

Several other equities research analysts also recently issued reports on SOUN. Wedbush restated an “outperform” rating and issued a $16.00 price objective on shares of SoundHound AI in a research note on Thursday, September 11th. Piper Sandler raised their price target on shares of SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. HC Wainwright boosted their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Oppenheimer started coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They issued a “market perform” rating for the company. Finally, DA Davidson reissued a “buy” rating and set a $17.00 target price on shares of SoundHound AI in a research report on Tuesday, November 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.07.

SoundHound AI Trading Down 3.2%

NASDAQ SOUN opened at $11.65 on Friday. The company has a fifty day simple moving average of $15.04 and a 200 day simple moving average of $13.40. The company has a market cap of $4.89 billion, a P/E ratio of -13.87 and a beta of 2.63. SoundHound AI has a 1 year low of $6.52 and a 1 year high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The business had revenue of $42.05 million during the quarter, compared to analysts’ expectations of $40.48 million. During the same quarter in the previous year, the firm earned ($0.04) EPS. The firm’s revenue was up 67.6% compared to the same quarter last year. Equities research analysts forecast that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Michael Zagorsek sold 69,837 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the completion of the transaction, the chief operating officer owned 1,860,790 shares in the company, valued at $29,772,640. This trade represents a 3.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 118,654 shares of the business’s stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $2,373,080.00. Following the completion of the sale, the chief executive officer directly owned 2,342,613 shares in the company, valued at approximately $46,852,260. This represents a 4.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 787,260 shares of company stock valued at $13,973,056 over the last 90 days. Company insiders own 9.17% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the company. Northern Trust Corp grew its stake in shares of SoundHound AI by 2.5% during the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company’s stock valued at $24,190,000 after purchasing an additional 72,766 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in SoundHound AI during the 2nd quarter worth $3,696,000. Liontrust Investment Partners LLP bought a new position in SoundHound AI in the 1st quarter valued at $1,639,000. First Manhattan CO. LLC. acquired a new stake in shares of SoundHound AI in the 1st quarter valued at $985,000. Finally, Driehaus Capital Management LLC increased its stake in shares of SoundHound AI by 20.6% in the 1st quarter. Driehaus Capital Management LLC now owns 998,481 shares of the company’s stock valued at $8,108,000 after buying an additional 170,786 shares during the period. Institutional investors and hedge funds 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.