SoundHound AI, Inc. (NASDAQ:SOUN) Receives $14.93 Average Price Target from Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been given a consensus rating of “Moderate Buy” by the ten ratings firms that are currently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $14.9286.

Several equities analysts have recently weighed in on SOUN shares. DA Davidson reaffirmed a “buy” rating and issued a $14.00 price objective on shares of SoundHound AI in a research note on Wednesday, April 22nd. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th.

Insider Activity at SoundHound AI

In related news, COO Michael Zagorsek sold 64,994 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $484,855.24. Following the completion of the sale, the chief operating officer directly owned 1,669,497 shares in the company, valued at approximately $12,454,447.62. This represents a 3.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Keyvan Mohajer sold 126,540 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $7.46, for a total value of $943,988.40. Following the completion of the transaction, the chief executive officer directly owned 1,947,237 shares in the company, valued at $14,526,388.02. This trade represents a 6.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 268,022 shares of company stock valued at $1,999,444 over the last quarter. Company insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of SOUN. Morgan Stanley lifted its holdings in SoundHound AI by 48.1% in the 4th quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock worth $89,606,000 after buying an additional 2,917,280 shares in the last quarter. UBS Group AG raised its position in shares of SoundHound AI by 77.6% in the 4th quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after purchasing an additional 2,676,707 shares in the last quarter. Voloridge Investment Management LLC boosted its stake in shares of SoundHound AI by 2,259.7% during the 4th quarter. Voloridge Investment Management LLC now owns 2,199,511 shares of the company’s stock valued at $21,929,000 after buying an additional 2,106,298 shares during the last quarter. Vanguard Group Inc. grew its position in shares of SoundHound AI by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock worth $452,313,000 after buying an additional 1,909,868 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of SoundHound AI during the third quarter worth approximately $21,679,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

NASDAQ SOUN opened at $6.56 on Monday. The company has a market cap of $2.84 billion, a P/E ratio of -13.96 and a beta of 2.62. SoundHound AI has a 12 month low of $5.83 and a 12 month high of $22.17. The company has a 50-day moving average of $7.75 and a 200-day moving average of $8.38.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $44.20 million during the quarter, compared to analyst estimates of $42.56 million. SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.SoundHound AI’s revenue was up 51.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.06) earnings per share. As a group, equities research analysts anticipate that SoundHound AI will post -0.45 EPS 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.