SoundHound AI (NASDAQ:SOUN) Raised to “Neutral” at Cantor Fitzgerald

Cantor Fitzgerald upgraded shares of SoundHound AI (NASDAQ:SOUN) from an underweight rating to a neutral rating in a research report report published on Thursday morning, Marketbeat Ratings reports. The firm currently has $4.90 price objective on the stock.

Several other research firms have also recently issued reports on SOUN. HC Wainwright raised their price objective on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a buy rating in a research report on Monday, March 4th. Northland Securities reiterated a market perform rating on shares of SoundHound AI in a report on Wednesday, February 28th. DA Davidson raised their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a buy rating in a research note on Friday, March 15th. Wedbush increased their price target on SoundHound AI from $5.00 to $9.00 and gave the stock an outperform rating in a report on Friday, March 1st. Finally, LADENBURG THALM/SH SH began coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a buy rating and a $4.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $6.88.

SoundHound AI Stock Down 8.2 %

Shares of NASDAQ SOUN opened at $4.38 on Thursday. The stock has a market cap of $1.35 billion, a PE ratio of -11.23 and a beta of 2.75. 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 has a 12-month low of $1.49 and a 12-month high of $10.25. The company has a 50-day moving average of $5.16 and a 200 day moving average of $3.09.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate 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 net margin of 188.57% and a negative return on equity of 1,955.68%. SoundHound AI’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.15) EPS. As a group, sell-side analysts predict that SoundHound AI will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the completion of the transaction, the director now owns 530,250 shares of the company’s stock, valued at $2,651,250. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the company’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the sale, the chief executive officer now owns 1,137,831 shares in the company, valued at approximately $6,918,012.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the completion of the transaction, the director now owns 530,250 shares of the company’s stock, valued at approximately $2,651,250. 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 three months. Company insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several hedge funds have recently added to or reduced their stakes in the company. Good Life Advisors LLC acquired a new position in shares of SoundHound AI during the fourth quarter worth $174,000. Raymond James & Associates boosted its position in shares of SoundHound AI by 221.1% during the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock worth $1,976,000 after acquiring an additional 676,799 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of SoundHound AI in the 3rd quarter valued at about $457,000. Vanguard Group Inc. raised its position in shares of SoundHound AI by 18.6% during the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after acquiring an additional 2,064,340 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in SoundHound AI by 45.0% in the third quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after purchasing an additional 6,717 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.