SoundHound AI (NASDAQ:SOUN) Rating Reiterated by Wedbush

Wedbush reissued their outperform rating on shares of SoundHound AI (NASDAQ:SOUN) in a research report report published on Thursday morning, Benzinga reports. The firm currently has a $9.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the company. Northland Securities increased their price target on SoundHound AI from $5.50 to $6.00 and gave the company a market perform rating in a research note on Friday, August 9th. HC Wainwright restated a buy rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, September 18th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a neutral rating to an overweight rating and upped their target price for the company from $5.00 to $7.00 in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, SoundHound AI presently has an average rating of Moderate Buy and an average price target of $7.08.

SoundHound AI Stock Performance

SoundHound AI stock opened at $4.78 on Thursday. SoundHound AI has a 52 week low of $1.49 and a 52 week high of $10.25. The stock has a market capitalization of $1.57 billion, a P/E ratio of -12.58 and a beta of 2.74. The stock has a fifty day moving average of $4.84 and a 200-day moving average of $4.92.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same period in the previous year, the company earned ($0.10) EPS. SoundHound AI’s revenue for the quarter was up 53.8% on a year-over-year basis. On average, research analysts forecast that SoundHound AI will post -0.36 earnings per share for the current year.

Insider Activity

In related news, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the completion of the sale, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. Insiders have sold 535,275 shares of company stock worth $2,802,644 over the last 90 days. 21.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. raised its stake in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after buying an additional 2,320 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in SoundHound AI in the second quarter worth about $104,000. Truist Financial Corp grew its position in SoundHound AI by 432.9% in the second quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock worth $382,000 after acquiring an additional 125,785 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of SoundHound AI during the second quarter valued at approximately $113,000. Finally, Algert Global LLC purchased a new position in shares of SoundHound AI during the second quarter valued at approximately $103,000. Hedge funds and other institutional investors 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.