SoundHound AI (NASDAQ:SOUN) Raised to “Strong-Buy” at LADENBURG THALM/SH SH

SoundHound AI (NASDAQ:SOUN) was upgraded by equities researchers at LADENBURG THALM/SH SH to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on SOUN. Wedbush reiterated an “outperform” rating and set a $16.00 price target on shares of SoundHound AI in a research report on Thursday, September 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a research note on Tuesday, October 14th. Piper Sandler upped their target price on shares of SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Oppenheimer initiated coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They issued a “market perform” rating on the stock. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $13.00 to $15.00 in a research report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and an average target price of $17.07.

SoundHound AI Stock Up 1.2%

SoundHound AI stock opened at $11.02 on Thursday. The firm has a 50 day moving average price of $14.31 and a 200-day moving average price of $13.38. SoundHound AI has a twelve month low of $6.52 and a twelve month high of $24.98. The company has a market capitalization of $4.63 billion, a P/E ratio of -13.12 and a beta of 2.63.

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

Insider Activity

In related news, COO Michael Zagorsek sold 69,837 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $1,117,392.00. Following the transaction, the chief operating officer owned 1,860,790 shares of the company’s stock, valued at $29,772,640. This represents a 3.62% 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, CTO Timothy Stonehocker sold 70,524 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $1,410,480.00. Following the sale, the chief technology officer owned 606,525 shares in the company, valued at $12,130,500. The trade was a 10.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 787,260 shares of company stock worth $13,973,056. Corporate insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its position in SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after buying an additional 1,060 shares during the last quarter. Danske Bank A S purchased a new position in shares of SoundHound AI during the third quarter worth approximately $26,000. Advisors Asset Management Inc. raised its stake in shares of SoundHound AI by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after acquiring an additional 1,023 shares in the last quarter. Investors Research Corp lifted its holdings in shares of SoundHound AI by 62.4% in the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after acquiring an additional 700 shares during the last quarter. Finally, AlphaQuest LLC purchased a new stake in shares of SoundHound AI in the 1st quarter valued at $32,000. 19.28% of the stock is currently owned by institutional investors.

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.