Barclays Reaffirms Neutral Rating for SoundHound AI (NASDAQ:SOUN)

SoundHound AI (NASDAQ:SOUN)‘s stock had its “neutral” rating reaffirmed by equities researchers at Barclays in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $7.00 target price on the stock. Barclays‘s price objective would indicate a potential upside of 9.72% from the stock’s current price.

A number of other analysts have also recently commented on SOUN. Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Northland Securities increased their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.50.

SoundHound AI Stock Down 15.6 %

SOUN traded down $1.18 on Wednesday, reaching $6.38. The company’s stock had a trading volume of 36,741,563 shares, compared to its average volume of 34,240,520. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -16.36 and a beta of 2.71. SoundHound AI has a fifty-two week low of $1.62 and a fifty-two week high of $10.25. The stock has a 50 day moving average of $5.18 and a two-hundred day moving average of $4.92.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.02. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the prior year, the business posted ($0.09) EPS. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. As a group, analysts anticipate that SoundHound AI will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CFO Nitesh Sharan sold 39,728 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares in the company, valued at $7,614,805.68. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares in the company, valued at $7,614,805.68. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 327,275 shares of company stock worth $1,606,644. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently modified their holdings of the business. Oppenheimer & Co. Inc. grew its holdings in SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after acquiring an additional 1,887 shares during the period. Ameritas Investment Partners Inc. boosted its position in shares of SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock worth $80,000 after purchasing an additional 2,000 shares in the last quarter. Genesee Capital Advisors LLC grew its stake in shares of SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after purchasing an additional 2,000 shares during the period. Signaturefd LLC increased its holdings in shares of SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. lifted its stake in shares of SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Company Profile

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.