SoundHound AI, Inc. (NASDAQ:SOUN) Receives $6.88 Consensus PT from Brokerages

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have received an average rating of “Moderate Buy” from the six brokerages that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $6.88.

A number of research firms have commented on SOUN. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a research note on Thursday, April 11th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Monday, July 29th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Friday, May 10th.

SoundHound AI Price Performance

Shares of SOUN stock opened at $4.62 on Monday. The stock’s fifty day simple moving average is $4.65 and its 200 day simple moving average is $4.55. SoundHound AI has a one year low of $1.49 and a one year high of $10.25. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -12.16 and a beta of 2.76. The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The firm’s revenue for the quarter was up 72.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.12) EPS. On average, analysts expect that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction dated 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 transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at approximately $3,792,303.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction on 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 sale, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the transaction, the chief executive officer now directly owns 953,333 shares of the company’s stock, valued at approximately $3,765,665.35. The disclosure for this sale can be found here. Insiders have sold a total of 625,728 shares of company stock valued at $3,011,476 in the last 90 days. 21.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently modified their holdings of SOUN. Independent Advisor Alliance bought a new stake in SoundHound AI during the 4th quarter worth approximately $28,000. Kings Path Partners LLC acquired a new position in shares of SoundHound AI in the second quarter valued at approximately $28,000. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI during the first quarter worth $29,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI during the second quarter worth $31,000. Finally, HighPoint Advisor Group LLC acquired a new position in SoundHound AI in the 4th quarter worth $37,000. 19.28% of the stock is currently owned by 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.