SoundHound AI’s (SOUN) “Outperform” Rating Reaffirmed at Wedbush

SoundHound AI (NASDAQ:SOUN)‘s stock had its “outperform” rating reiterated by investment analysts at Wedbush in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $9.00 price target on the stock. Wedbush’s target price indicates a potential upside of 69.81% from the company’s current price.

Several other brokerages also recently weighed in on SOUN. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a research report on Thursday, April 11th. LADENBURG THALM/SH SH began coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective on the stock. HC Wainwright boosted their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a report on Monday, March 4th. DA Davidson upped their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Stock Up 11.6 %

Shares of SoundHound AI stock traded up $0.55 on Friday, reaching $5.30. 66,205,403 shares of the company were exchanged, compared to its average volume of 50,020,660. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of -14.08 and a beta of 2.87. SoundHound AI has a one year low of $1.49 and a one year high of $10.25. The company has a 50-day moving average of $5.41 and a 200 day moving average of $3.39.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The business had revenue of $11.59 million for the quarter, compared to analyst estimates of $10.10 million. During the same quarter in the previous year, the company posted ($0.12) EPS. SoundHound AI’s quarterly revenue was up 72.9% compared to the same quarter last year. On average, equities research analysts forecast that SoundHound AI will post -0.3 earnings per share for the current year.

Insider Activity

In related news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric R. Ball sold 50,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $5.00, for a total value of $250,000.00. Following the transaction, the director now directly owns 530,250 shares in the company, valued at approximately $2,651,250. The disclosure for this sale can be found here. Insiders sold a total of 405,057 shares of company stock valued at $2,587,804 over the last three months. Insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings 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 valued at $26,466,000 after acquiring an additional 2,064,340 shares in the last quarter. Intrinsic Edge Capital Management LLC raised its position in shares of SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after purchasing an additional 1,566,238 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of SoundHound AI by 1.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company’s stock worth $3,486,000 after purchasing an additional 18,301 shares in the last quarter. Raymond James & Associates increased its stake in SoundHound AI by 221.1% during the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after purchasing an additional 676,799 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of SoundHound AI by 9.4% in the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock valued at $1,034,000 after buying an additional 44,028 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

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.