SoundHound AI (NASDAQ:SOUN) Price Target Raised to $8.00

SoundHound AI (NASDAQ:SOUN) had its target price upped by Northland Securities from $6.00 to $8.00 in a research report report published on Tuesday,Benzinga reports. They currently have a market perform rating on the stock.

Several other brokerages have also recently issued reports on SOUN. HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday. 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. 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. DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Barclays reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Trading Up 0.6 %

SOUN stock opened at $13.97 on Tuesday. The company has a market cap of $5.17 billion, a price-to-earnings ratio of -38.81 and a beta of 2.63. SoundHound AI has a 52 week low of $1.62 and a 52 week high of $24.98. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business has a fifty day simple moving average of $13.76 and a 200-day simple moving average of $8.01.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. The firm’s quarterly revenue was up 88.7% on a year-over-year basis. On average, equities research analysts expect that SoundHound AI will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.03, for a total transaction of $240,900.00. Following the sale, the director now directly owns 110,907 shares of the company’s stock, valued at $890,583.21. This trade represents a 21.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 34,407 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the transaction, the chief technology officer now owns 796,581 shares of the company’s stock, valued at $16,170,594.30. The trade was a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SOUN. State Street Corp lifted its holdings in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares during the last quarter. Geode Capital Management LLC raised its stake in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. increased its stake in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Carnegie Investment Counsel boosted its stake in SoundHound AI by 9.1% in the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after purchasing an additional 82,300 shares during the period. Finally, Oriental Harbor Investment Fund bought a new stake in SoundHound AI in the 4th quarter valued at approximately $8,964,000. 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.