SoundHound AI (NASDAQ:SOUN) Earns “Neutral” Rating from LADENBURG THALM/SH SH

SoundHound AI (NASDAQ:SOUN)‘s stock had its “neutral” rating reiterated by research analysts at LADENBURG THALM/SH SH in a research note issued on Wednesday, Marketbeat reports. They presently have a $7.00 target price on the stock. LADENBURG THALM/SH SH’s price objective would suggest a potential upside of 5.58% from the stock’s previous close.

Several other research firms have also recently issued reports on SOUN. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. Northland Securities raised their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. DA Davidson reissued a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush reissued an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Trading Up 5.7 %

Shares of NASDAQ:SOUN opened at $6.63 on Wednesday. The stock’s 50-day moving average price is $5.26 and its 200-day moving average price is $4.94. SoundHound AI has a 12-month low of $1.62 and a 12-month high of $10.25. The stock has a market capitalization of $2.38 billion, a P/E ratio of -18.42 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 73.21% and a negative net margin of 163.58%. The firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same period last year, the firm earned ($0.09) earnings per share. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. As a group, research analysts predict that SoundHound AI will post -0.36 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI 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 $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This trade represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI 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 transaction, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. The trade was a 2.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 327,275 shares of company stock valued at $1,606,644. 12.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in SOUN. Janney Montgomery Scott LLC purchased a new position in SoundHound AI in the 1st quarter worth approximately $109,000. Concurrent Investment Advisors LLC purchased a new position in SoundHound AI in the 1st quarter worth approximately $199,000. Avantax Advisory Services Inc. purchased a new position in SoundHound AI in the 1st quarter worth approximately $63,000. ARK & TLK Investments LLC bought a new stake in SoundHound AI in the 1st quarter worth approximately $74,000. Finally, Viawealth LLC bought a new stake in SoundHound AI in the 1st quarter worth approximately $65,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.