SoundHound AI (NASDAQ:SOUN) Price Target Lowered to $11.00 at Piper Sandler

SoundHound AI (NASDAQ:SOUN) had its price objective reduced by equities researchers at Piper Sandler from $15.00 to $11.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Piper Sandler’s target price would indicate a potential downside of 0.25% from the company’s current price.

Several other research analysts also recently commented on SOUN. DA Davidson reissued a “buy” rating and issued a $17.00 target price on shares of SoundHound AI in a report on Tuesday, November 18th. Oppenheimer began coverage on SoundHound AI in a report on Thursday, September 11th. They set a “market perform” rating on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Wedbush reissued an “outperform” rating and set a $16.00 price objective on shares of SoundHound AI in a report on Thursday, September 11th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $13.00 to $15.00 in a research note on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.50.

SoundHound AI Trading Up 4.0%

SOUN traded up $0.43 during midday trading on Monday, reaching $11.03. The company’s stock had a trading volume of 14,681,200 shares, compared to its average volume of 20,594,891. The company has a fifty day simple moving average of $12.57 and a 200 day simple moving average of $13.49. The stock has a market cap of $4.63 billion, a P/E ratio of -13.16 and a beta of 2.65. SoundHound AI has a twelve month low of $6.52 and a twelve month high of $22.85.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. The company had revenue of $42.05 million during the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The company’s quarterly revenue was up 67.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.04) earnings per share. Sell-side analysts expect that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 144,326 shares of SoundHound AI stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total transaction of $1,627,997.28. Following the completion of the sale, the chief executive officer owned 2,198,287 shares of the company’s stock, valued at approximately $24,796,677.36. The trade was a 6.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Nitesh Sharan sold 60,780 shares of the stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $685,598.40. Following the completion of the transaction, the chief financial officer directly owned 1,705,148 shares in the company, valued at approximately $19,234,069.44. This trade represents a 3.44% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 723,310 shares of company stock valued at $10,747,881. 9.17% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of SoundHound AI by 16.4% during the third quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock worth $698,798,000 after purchasing an additional 6,132,648 shares in the last quarter. Jump Financial LLC bought a new stake in shares of SoundHound AI in the third quarter worth about $21,679,000. HRT Financial LP acquired a new stake in shares of SoundHound AI during the second quarter worth about $11,914,000. Goldman Sachs Group Inc. raised its position in shares of SoundHound AI by 69.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after purchasing an additional 1,085,473 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of SoundHound AI by 91.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,762,827 shares of the company’s stock valued at $18,915,000 after purchasing an additional 842,973 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.