SoundHound AI, Inc. (NASDAQ:SOUN) Receives $7.08 Consensus Price Target from Analysts

by · The Markets Daily

Shares of SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) have earned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $7.08.

Several brokerages have recently commented on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th.

View Our Latest Research Report on SoundHound AI

SoundHound AI Stock Down 1.1 %

Shares of SOUN opened at $5.25 on Friday. The company has a 50-day moving average price of $4.86 and a two-hundred day moving average price of $4.74. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -13.82 and a beta of 2.73. SoundHound AI has a 12 month low of $1.49 and a 12 month high of $10.25.

SoundHound AI (NASDAQ:SOUN – Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. SoundHound AI’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) EPS. Equities research analysts expect that SoundHound AI will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the sale, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the sale, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 327,275 shares of company stock valued at $1,606,644. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Kings Path Partners LLC acquired a new position in SoundHound AI in the second quarter valued at approximately $28,000. Hexagon Capital Partners LLC acquired a new position in shares of SoundHound AI in the 1st quarter valued at $29,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter worth $31,000. NBC Securities Inc. boosted its position in shares of SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares during the last quarter. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of SoundHound AI during the fourth quarter worth $37,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

(Get Free Report

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.

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