SoundHound AI, Inc. (NASDAQ:SOUN) Given Consensus Rating of “Moderate Buy” by Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has earned an average recommendation of “Moderate Buy” from the ten brokerages that are currently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have given a hold recommendation, five have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $16.0714.

SOUN has been the topic of several recent research reports. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. DA Davidson set a $14.00 price target on SoundHound AI in a research note on Thursday, January 8th. Piper Sandler decreased their price target on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a report on Monday, January 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th. Finally, HC Wainwright raised their target price on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th.

Insider Transactions at SoundHound AI

In other news, SVP Majid Emami sold 32,741 shares of the firm’s stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $10.66, for a total value of $349,019.06. Following the completion of the sale, the senior vice president directly owned 532,845 shares of the company’s stock, valued at $5,680,127.70. This trade represents a 5.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 144,326 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $1,627,997.28. Following the transaction, the chief executive officer directly owned 2,198,287 shares in the company, valued at $24,796,677.36. This represents a 6.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 462,265 shares of company stock valued at $5,216,518 over the last 90 days. Insiders own 9.17% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently made changes to their positions in SOUN. Northwestern Mutual Wealth Management Co. grew its stake in shares of SoundHound AI by 83.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after purchasing an additional 1,060 shares during the period. Danske Bank A S acquired a new position in SoundHound AI during the third quarter worth about $26,000. Advisors Asset Management Inc. increased its holdings in SoundHound AI by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock valued at $27,000 after buying an additional 1,023 shares in the last quarter. Investors Research Corp lifted its position in shares of SoundHound AI by 62.4% during the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after acquiring an additional 700 shares during the period. Finally, Financial Consulate Inc. purchased a new stake in shares of SoundHound AI during the 3rd quarter worth approximately $32,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

SOUN stock opened at $9.08 on Friday. The company has a market cap of $3.81 billion, a price-to-earnings ratio of -10.81 and a beta of 2.65. The company has a fifty day moving average price of $11.13 and a 200 day moving average price of $13.45. SoundHound AI has a 12 month low of $6.52 and a 12 month high of $22.17.

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

SoundHound AI Company Profile

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.