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

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have earned a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the stock, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $13.60.

A number of brokerages have recently weighed in on SOUN. Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Wall Street Zen upgraded SoundHound AI from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. Piper Sandler cut their price target on shares of SoundHound AI from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Thursday, August 6th. Finally, DA Davidson reduced their price target on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 6th.

SoundHound AI Price Performance

Shares of SOUN opened at $7.00 on Tuesday. The firm has a market capitalization of $3.11 billion, a PE ratio of -18.42 and a beta of 2.64. SoundHound AI has a 1-year low of $5.65 and a 1-year high of $22.17. The company’s fifty day moving average price is $6.71 and its 200-day moving average price is $7.40.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.11. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.The firm had revenue of $61.90 million for the quarter, compared to the consensus estimate of $52.38 million. During the same period in the prior year, the firm earned ($0.19) EPS. The firm’s revenue was up 45.0% on a year-over-year basis. As a group, research analysts anticipate that SoundHound AI will post -0.33 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, SVP Majid Emami sold 28,843 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $7.46, for a total value of $215,168.78. Following the sale, the senior vice president owned 472,983 shares in the company, valued at $3,528,453.18. This represents a 5.75% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Ming Hom sold 28,843 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $215,168.78. Following the transaction, the insider directly owned 743,521 shares of the company’s stock, valued at approximately $5,546,666.66. This trade represents a 3.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 268,022 shares of company stock valued at $1,999,444. 8.84% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of SOUN. Hollencrest Capital Management boosted its stake in shares of SoundHound AI by 197.5% in the first quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock worth $25,000 after buying an additional 2,400 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after acquiring an additional 1,060 shares in the last quarter. Dogwood Wealth Management LLC lifted 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 during the period. Danske Bank A S acquired a new position in SoundHound AI in the third quarter valued at approximately $26,000. Finally, SHP Wealth Management acquired a new position in SoundHound AI in the fourth quarter valued at approximately $27,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.