Wedbush Reaffirms “Outperform” Rating for SoundHound AI (NASDAQ:SOUN)

SoundHound AI (NASDAQ:SOUN)‘s stock had its “outperform” rating reaffirmed by Wedbush in a report released on Friday, Benzinga reports. They currently have a $9.00 target price on the stock. Wedbush’s price target suggests a potential upside of 69.81% from the stock’s previous close.

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

SoundHound AI Stock Up 11.6 %

NASDAQ:SOUN traded up $0.55 during mid-day trading on Friday, hitting $5.30. The stock had a trading volume of 66,205,403 shares, compared to its average volume of 50,020,660. SoundHound AI has a twelve month low of $1.49 and a twelve month high of $10.25. The stock has a 50-day simple moving average of $5.41 and a two-hundred day simple moving average of $3.39. 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 PE ratio of -14.08 and a beta of 2.87.

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

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 31,665 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total transaction of $192,523.20. Following the completion of the transaction, the chief executive officer now directly owns 1,137,831 shares of the company’s stock, valued at approximately $6,918,012.48. The sale was disclosed in a 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 stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total transaction of $192,523.20. Following the transaction, the chief executive officer now owns 1,137,831 shares of the company’s stock, valued at $6,918,012.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Following the sale, the director now directly owns 530,250 shares of the company’s stock, valued at $2,651,250. The disclosure for this sale can be found here. Insiders sold 405,057 shares of company stock valued at $2,587,804 in the last 90 days. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the business. Independent Advisor Alliance purchased a new position in shares of SoundHound AI during the 4th quarter valued at approximately $28,000. IAM Advisory LLC bought a new position in SoundHound AI in the 4th quarter worth approximately $29,000. Hexagon Capital Partners LLC acquired a new position in SoundHound AI during the 1st quarter worth $29,000. HighPoint Advisor Group LLC bought a new position in SoundHound AI in the 4th quarter valued at about $37,000. Finally, DecisionPoint Financial LLC acquired a new position in shares of SoundHound AI during the first quarter valued at approximately $40,000. 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.