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

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

A number of other research analysts have also weighed in on SOUN. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson lifted their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday. Northland Securities lifted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Finally, Wedbush lifted their price objective 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. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, SoundHound AI currently has a consensus rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Stock Down 4.6 %

SoundHound AI stock opened at $10.32 on Monday. The company’s 50 day simple moving average is $14.99 and its 200 day simple moving average is $9.99. SoundHound AI has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of -28.67 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 (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $33.70 million. As a group, sell-side analysts anticipate that SoundHound AI will post -0.38 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 298,086 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $4,483,213.44. Following the transaction, the vice president now directly owns 735,685 shares in the company, valued at $11,064,702.40. The trade was a 28.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Ming Hom sold 53,891 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $10.00, for a total transaction of $538,910.00. Following the completion of the transaction, the insider now owns 813,193 shares in the company, valued at approximately $8,131,930. This represents a 6.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,628,851 shares of company stock worth $44,084,637. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of the stock. Commons Capital LLC increased its holdings in shares of SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock valued at $543,000 after purchasing an additional 723 shares during the last quarter. ST Germain D J Co. Inc. increased its holdings in shares of SoundHound AI by 33.2% in the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after purchasing an additional 750 shares during the last quarter. Keynote Financial Services LLC increased its holdings in shares of SoundHound AI by 4.7% in the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock valued at $329,000 after purchasing an additional 752 shares during the last quarter. Blue Trust Inc. boosted its position in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after acquiring an additional 830 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock valued at $131,000 after acquiring an additional 929 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.