SoundHound AI, Inc. (NASDAQ:SOUN) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been given a consensus rating of “Moderate Buy” by the ten analysts that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $16.0714.

SOUN has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the company from $13.00 to $15.00 in a report on Friday, December 12th. DA Davidson set a $14.00 price target on shares of SoundHound AI in a research note on Thursday, January 8th. Zacks Research cut shares of SoundHound AI from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Finally, HC Wainwright raised their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, October 16th.

SoundHound AI Stock Down 6.3%

SoundHound AI stock opened at $9.08 on Friday. SoundHound AI has a 52-week low of $6.52 and a 52-week high of $22.17. The firm has a market cap of $3.81 billion, a PE ratio of -10.81 and a beta of 2.65. The company’s 50 day moving average is $11.13 and its two-hundred day moving average is $13.45.

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

Insider Buying and Selling

In related news, CTO Timothy Stonehocker sold 29,676 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $12.00, for a total transaction of $356,112.00. Following the completion of the sale, the chief technology officer owned 544,179 shares in the company, valued at $6,530,148. The trade was a 5.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Nitesh Sharan sold 60,780 shares of the stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total transaction of $685,598.40. Following the completion of the transaction, the chief financial officer owned 1,705,148 shares in the company, valued at $19,234,069.44. This represents a 3.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 462,265 shares of company stock valued at $5,216,518 over the last 90 days. 9.17% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Royal Bank of Canada raised its stake in SoundHound AI by 71.3% during the 1st quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock worth $1,301,000 after acquiring an additional 66,714 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in shares of SoundHound AI by 8.9% during the first quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock worth $119,000 after purchasing an additional 1,201 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of SoundHound AI by 12.9% during the first quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock worth $333,000 after purchasing an additional 4,692 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock valued at $21,434,000 after purchasing an additional 1,085,473 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of SoundHound AI by 10.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock valued at $5,620,000 after purchasing an additional 63,398 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.