DA Davidson Forecasts Strong Price Appreciation for SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI (NASDAQ:SOUN) had its price target lifted by equities research analysts at DA Davidson from $9.50 to $13.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. DA Davidson’s price target would suggest a potential upside of 19.96% from the stock’s current price.

A number of other equities research analysts also recently weighed in on SOUN. Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright restated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th. Northland Securities increased their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, SoundHound AI presently has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $10.84 on Friday. The stock has a market cap of $4.26 billion, a price-to-earnings ratio of -30.10 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI has a 12 month low of $3.50 and a 12 month high of $24.98. The stock’s 50 day moving average price is $15.19 and its 200 day moving average price is $9.91.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. Equities research analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In related news, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the transaction, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the director now owns 451,756 shares of the company’s stock, valued at $5,421,072. The trade was a 9.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,722,918 shares of company stock worth $44,935,943. 12.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of SoundHound AI by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after buying an additional 315,897 shares during the last quarter. State Street Corp grew its stake in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares in the last quarter. Northern Trust Corp increased its stake in shares of SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock worth $57,660,000 after purchasing an additional 264,382 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after purchasing an additional 143,487 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

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.