HC Wainwright Forecasts Strong Price Appreciation for SoundHound AI (NASDAQ:SOUN) Stock

SoundHound AI (NASDAQ:SOUN) had its price target boosted by stock analysts at HC Wainwright from $7.00 to $8.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 25.79% from the company’s previous close.

A number of other equities analysts have also issued reports on the stock. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday. DA Davidson reiterated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday. Finally, Cantor Fitzgerald raised 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 report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Trading Down 4.1 %

NASDAQ:SOUN opened at $6.36 on Thursday. The company has a current ratio of 2.58, a quick ratio of 8.77 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $5.30 and a 200-day simple moving average of $4.95. SoundHound AI has a 12 month low of $1.62 and a 12 month high of $10.25. The company has a market capitalization of $2.28 billion, a P/E ratio of -17.67 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly 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. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) EPS. On average, equities research analysts anticipate that SoundHound AI will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The trade was a 40.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the transaction, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,275 shares of company stock worth $1,606,644. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the company. Kings Path Partners LLC acquired a new position in SoundHound AI in the 2nd quarter valued at $28,000. NBC Securities Inc. boosted its position in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares during the last quarter. International Assets Investment Management LLC purchased a new position in SoundHound AI in the 2nd quarter worth approximately $31,000. Farther Finance Advisors LLC boosted its holdings in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the last quarter. Institutional investors and hedge funds 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.