SoundHound AI (NASDAQ:SOUN) Rating Increased to Strong-Buy at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH upgraded shares of SoundHound AI (NASDAQ:SOUN) to a strong-buy rating in a report released on Wednesday,Zacks.com reports.

Several other research analysts have also recently issued reports on the company. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. DA Davidson reaffirmed a “buy” rating and set a $14.00 price target on shares of SoundHound AI in a research note on Wednesday, April 22nd. Piper Sandler reiterated a “neutral” rating and issued a $9.00 price target (down from $11.00) on shares of SoundHound AI in a report on Friday, February 27th. Finally, HC Wainwright dropped their target price on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.93.

SoundHound AI Stock Up 2.5%

Shares of NASDAQ:SOUN opened at $9.37 on Wednesday. SoundHound AI has a fifty-two week low of $5.83 and a fifty-two week high of $22.17. The firm’s 50-day simple moving average is $7.54 and its 200-day simple moving average is $10.25. The company has a market cap of $3.96 billion, a price-to-earnings ratio of -187.36 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.02). The firm had revenue of $55.06 million during the quarter, compared to analysts’ expectations of $53.88 million. SoundHound AI had a negative net margin of 8.71% and a negative return on equity of 3.63%. The firm’s revenue for the quarter was up 59.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) earnings per share. On average, research analysts forecast that SoundHound AI will post -0.36 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, SVP Majid Emami sold 31,019 shares of the firm’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.79, for a total value of $210,619.01. Following the transaction, the senior vice president directly owned 501,826 shares of the company’s stock, valued at $3,407,398.54. This trade represents a 5.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michael Zagorsek sold 52,968 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.79, for a total value of $359,652.72. Following the transaction, the chief operating officer owned 1,734,491 shares in the company, valued at approximately $11,777,193.89. This represents a 2.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 307,973 shares of company stock worth $2,091,110. Corporate insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Danske Bank A S acquired a new stake in SoundHound AI during the 3rd quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of SoundHound AI by 83.1% in the second 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. Dogwood Wealth Management LLC raised its holdings in SoundHound AI by 152.1% in the fourth quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock valued at $26,000 after acquiring an additional 1,544 shares in the last quarter. SHP Wealth Management bought a new position in SoundHound AI during the 4th quarter valued at $27,000. Finally, Bogart Wealth LLC boosted its stake in SoundHound AI by 242.4% during the 3rd quarter. Bogart Wealth LLC now owns 2,825 shares of the company’s stock valued at $45,000 after acquiring an additional 2,000 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.