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

SoundHound AI, Inc. (NASDAQ:SOUN) has been assigned an average rating of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $14.9286.

Several research firms recently commented on SOUN. Piper Sandler reaffirmed a “neutral” rating and issued a $9.00 price target (down from $11.00) on shares of SoundHound AI in a report on Friday, February 27th. Zacks Research raised SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. DA Davidson reaffirmed a “buy” rating and issued a $14.00 price target on shares of SoundHound AI in a report on Wednesday, April 22nd. Finally, HC Wainwright cut their price target on SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, March 2nd.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 124,510 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $845,422.90. Following the completion of the sale, the chief executive officer owned 2,073,777 shares of the company’s stock, valued at $14,080,945.83. This trade represents a 5.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Ming Hom sold 31,019 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.79, for a total value of $210,619.01. Following the sale, the insider directly owned 772,364 shares of the company’s stock, valued at approximately $5,244,351.56. This trade represents a 3.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 307,973 shares of company stock valued at $2,091,110 over the last 90 days. Corporate insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Royal Bank of Canada increased its stake in SoundHound AI by 71.3% during the first 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 during the last quarter. Integrated Wealth Concepts LLC increased its stake in 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 acquiring an additional 1,201 shares during the last quarter. NewEdge Advisors LLC increased its stake in 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 acquiring an additional 4,692 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in SoundHound AI by 69.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after acquiring an additional 1,085,473 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in SoundHound AI by 10.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock worth $5,620,000 after acquiring an additional 63,398 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $8.08 on Thursday. SoundHound AI has a one year low of $5.83 and a one year high of $22.17. The stock has a market cap of $3.50 billion, a PE ratio of -17.19 and a beta of 2.56. The stock has a 50 day moving average price of $7.79 and a 200 day moving average price of $9.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. The company had revenue of $44.20 million during the quarter, compared to analyst estimates of $42.56 million. During the same period in the prior year, the business posted ($0.06) EPS. SoundHound AI’s revenue for the quarter was up 51.7% compared to the same quarter last year. As a group, analysts predict that SoundHound AI will post -0.43 earnings per share for the current fiscal year.

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.