SoundHound AI (NASDAQ:SOUN) Earns Neutral Rating from Barclays

SoundHound AI (NASDAQ:SOUN)‘s stock had its “neutral” rating reissued by equities researchers at Barclays in a report released on Wednesday,Benzinga reports. They currently have a $7.00 price target on the stock. Barclays‘s price target points to a potential upside of 5.58% from the stock’s current price.

A number of other analysts also recently weighed in on SOUN. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Northland Securities boosted their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Trading Up 5.7 %

Shares of NASDAQ SOUN opened at $6.63 on Wednesday. SoundHound AI has a 12 month low of $1.62 and a 12 month high of $10.25. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of -18.42 and a beta of 2.71. The business has a 50-day moving average of $5.26 and a 200-day moving average of $4.94.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 73.21% and a negative net margin of 163.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. On average, analysts predict that SoundHound AI will post -0.36 earnings per share for the current year.

Insider Buying and Selling

In related news, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This trade represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the transaction, the director now owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This trade represents a 40.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 over the last quarter. 12.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the company. Carnegie Investment Counsel bought a new position in SoundHound AI in the third quarter worth $4,193,000. Vanguard Group Inc. increased its holdings in shares of SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of SoundHound AI by 914.6% during the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after acquiring an additional 72,252 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after acquiring an additional 195,011 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

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.