Northland Securities Forecasts Strong Price Appreciation for SoundHound AI (NASDAQ:SOUN) Stock

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

Several other research analysts have also issued reports on the company. HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. 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. Finally, Barclays restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four 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 $12.36.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $12.79 on Tuesday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock’s fifty day moving average is $13.59 and its 200 day moving average is $7.97. The firm has a market capitalization of $4.73 billion, a PE ratio of -35.53 and a beta of 2.63. SoundHound AI has a fifty-two week low of $1.62 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. On average, sell-side analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the transaction, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 over the last three months. 12.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its position in shares of SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares during the last quarter. Geode Capital Management LLC lifted its position in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the last quarter. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the third quarter valued at approximately $4,193,000. Finally, Oriental Harbor Investment Fund purchased a new position in SoundHound AI in the fourth quarter worth $8,964,000. 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.