SoundHound AI (NASDAQ:SOUN) Rating Increased to Neutral at Cantor Fitzgerald

SoundHound AI (NASDAQ:SOUN) was upgraded by Cantor Fitzgerald from an “underweight” rating to a “neutral” rating in a research report issued on Thursday, Marketbeat reports. The brokerage presently has a $4.90 price objective on the stock. Cantor Fitzgerald’s price target indicates a potential upside of 11.87% from the company’s current price.

A number of other brokerages have also weighed in on SOUN. HC Wainwright upped their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Wedbush increased their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. DA Davidson increased their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 target price for the company. Two equities 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.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Trading Down 8.2 %

Shares of NASDAQ:SOUN opened at $4.38 on Thursday. The company has a 50 day moving average of $5.16 and a 200-day moving average of $3.07. The firm has a market cap of $1.35 billion, a P/E ratio of -11.23 and a beta of 2.75. SoundHound AI has a twelve month low of $1.49 and a twelve month high of $10.25. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The company’s revenue was up 80.0% on a year-over-year basis. During the same period in the prior year, the company posted ($0.15) earnings per share. As a group, analysts anticipate that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 5,276 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the sale, the chief technology officer now owns 982,584 shares in the company, valued at $7,565,896.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CTO Timothy Stonehocker sold 5,276 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the sale, the chief technology officer now owns 982,584 shares in the company, valued at $7,565,896.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nitesh Sharan sold 23,212 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $194,284.44. Following the completion of the transaction, the chief financial officer now owns 751,017 shares in the company, valued at approximately $6,286,012.29. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock worth $2,598,723 over the last 90 days. 21.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in SoundHound AI by 1,238.7% in the 4th quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock valued at $26,000 after buying an additional 13,626 shares during the period. Independent Advisor Alliance acquired a new position in SoundHound AI in the 4th quarter valued at approximately $28,000. Two Sigma Securities LLC acquired a new position in shares of SoundHound AI during the 1st quarter worth $28,000. IAM Advisory LLC acquired a new position in shares of SoundHound AI during the 4th quarter worth $29,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of SoundHound AI during the 4th quarter worth $32,000. 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.