SoundHound AI’s (SOUN) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of SoundHound AI (NASDAQ:SOUN) in a report issued on Monday,Benzinga reports. HC Wainwright currently has a $26.00 price objective on the stock.

A number of other analysts have also recently issued reports on the stock. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Stock Performance

SOUN stock opened at $12.82 on Monday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market cap of $4.74 billion, a P/E ratio of -35.61 and a beta of 2.63. The firm has a 50 day simple moving average of $13.44 and a 200 day simple moving average of $7.90. SoundHound AI has a 52 week low of $1.62 and a 52 week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same period last year, the company posted ($0.09) earnings per share. Research analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Majid Emami sold 37,459 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the transaction, the vice president now owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the business’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock valued at $45,391,343 over the last 90 days. 12.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently bought and sold shares of the stock. NBC Securities Inc. increased its position in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares during the period. Amalgamated Bank increased its holdings in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares during the period. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI in the 4th quarter valued at $40,000. Farther Finance Advisors LLC increased its holdings in SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after buying an additional 6,716 shares during the period. Finally, Sei Investments Co. bought a new stake in SoundHound AI in the 2nd quarter valued at $43,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.