Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Target Price at $6.88

SoundHound AI, Inc. (NASDAQ:SOUN) has been given a consensus rating of “Moderate Buy” by the six analysts that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $6.88.

SOUN has been the subject of several recent research reports. Wedbush raised their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Cantor Fitzgerald reiterated an “underweight” rating and set a $4.90 price target (down from $5.80) on shares of SoundHound AI in a report on Wednesday, March 20th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price target for the company. Finally, DA Davidson lifted their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th.

SoundHound AI Stock Performance

NASDAQ:SOUN opened at $5.89 on Tuesday. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The firm has a 50-day moving average price of $4.45 and a two-hundred day moving average price of $2.84. SoundHound AI has a twelve month low of $1.49 and a twelve month high of $10.25. The company has a market capitalization of $1.82 billion, a P/E ratio of -15.10 and a beta of 2.84.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. During the same quarter last year, the business posted ($0.15) earnings per share. The business’s revenue was up 80.0% compared to the same quarter last year. As a group, research analysts expect that SoundHound AI will post -0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 31,665 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the sale, the chief executive officer now directly owns 1,137,831 shares of the company’s stock, valued at $6,918,012.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Following the transaction, the director now directly owns 530,250 shares of the company’s stock, valued at $2,651,250. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 31,665 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the transaction, the chief executive officer now directly owns 1,137,831 shares in the company, valued at $6,918,012.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 410,714 shares of company stock valued at $2,598,723. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. HighPoint Advisor Group LLC acquired a new position in shares of SoundHound AI during the fourth quarter worth $37,000. Quadrature Capital Ltd lifted its position in shares of SoundHound AI by 67.1% during the fourth quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock worth $807,000 after purchasing an additional 153,273 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 13,843,982 shares of the company’s stock worth $29,349,000 after buying an additional 676,993 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of SoundHound AI by 13.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 140,485 shares of the company’s stock worth $298,000 after buying an additional 16,989 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of SoundHound AI by 39.1% in the fourth quarter. Legal & General Group Plc now owns 206,595 shares of the company’s stock worth $438,000 after buying an additional 58,047 shares during the last quarter. 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.