Analysts Set SoundHound AI, Inc. (NASDAQ:SOUN) Target Price at $12.86

SoundHound AI, Inc. (NASDAQ:SOUN) has received an average rating of “Hold” from the seven research firms that are covering the firm, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $12.86.

Several research firms have recently issued reports on SOUN. Northland Securities lifted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reissued a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson upped their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th.

Insider Buying and Selling at SoundHound AI

In other news, VP Majid Emami sold 28,392 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the sale, the vice president now owns 669,834 shares of the company’s stock, valued at $6,631,356.60. This represents a 4.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James Ming Hom sold 28,388 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the transaction, the insider now directly owns 689,652 shares in the company, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,565 shares of company stock worth $4,999,726. Insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC increased its position in SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after buying an additional 315,897 shares in the last quarter. State Street Corp raised its stake in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares during the period. Northern Trust Corp lifted its position in shares of SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after buying an additional 264,382 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after acquiring an additional 143,487 shares during the period. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Price Performance

Shares of SOUN opened at $8.28 on Friday. SoundHound AI has a fifty-two week low of $3.50 and a fifty-two week high of $24.98. The firm’s 50-day simple moving average is $10.14 and its two-hundred day simple moving average is $10.80. The stock has a market cap of $3.30 billion, a PE ratio of -23.00 and a beta of 2.73. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

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.