Cantor Fitzgerald Forecasts SoundHound AI FY2024 Earnings

SoundHound AI, Inc. (NASDAQ:SOUN) – Research analysts at Cantor Fitzgerald issued their FY2024 earnings per share estimates for shares of SoundHound AI in a research note issued to investors on Monday, February 24th. Cantor Fitzgerald analyst T. Blakey forecasts that the company will post earnings of ($0.37) per share for the year. Cantor Fitzgerald currently has a “Hold” rating on the stock. The consensus estimate for SoundHound AI’s current full-year earnings is ($0.38) per share. Cantor Fitzgerald also issued estimates for SoundHound AI’s FY2025 earnings at ($0.21) EPS.

SOUN has been the subject of a number of other research reports. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Northland Securities boosted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.36.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $8.90 on Wednesday. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a 50-day moving average price of $15.83 and a 200-day moving average price of $9.85. The company has a market cap of $3.50 billion, a price-to-earnings ratio of -24.72 and a beta of 2.56. SoundHound AI has a 12 month low of $3.50 and a 12 month high of $24.98.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares in the last quarter. Orion Capital Management LLC purchased a new stake in shares of SoundHound AI during the fourth quarter valued at $30,000. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI in the 4th quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI in the 4th quarter worth about $40,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 36,771 shares of SoundHound AI stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $746,451.30. Following the completion of the transaction, the insider now directly owns 718,040 shares of the company’s stock, valued at approximately $14,576,212. The trade was a 4.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the transaction, the vice president now owns 698,226 shares in the company, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,722,918 shares of company stock valued at $44,935,943. Insiders own 12.28% 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.