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

SoundHound AI (NASDAQ:SOUN - Get Free Report) had its price target increased by equities researchers at HC Wainwright from $8.00 to $26.00 in a report released on Monday,Benzinga reports. The firm presently has a "buy" rating on the stock. HC Wainwright's target price points to a potential upside of 27.26% from the stock's current price.

Other equities analysts have also recently issued reports about the stock. DA Davidson reissued a "buy" rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Barclays reiterated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI has a consensus rating of "Moderate Buy" and an average price target of $12.07.

SoundHound AI Trading Down 6.1 %

Shares of SoundHound AI stock traded down $1.32 during trading on Monday, reaching $20.43. 82,979,086 shares of the company were exchanged, compared to its average volume of 40,652,586. The business has a 50-day moving average price of $9.01 and a 200-day moving average price of $6.23. The firm has a market capitalization of $7.55 billion, a price-to-earnings ratio of -56.75 and a beta of 3.03. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI has a twelve month low of $1.62 and a twelve month high of $24.08.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% 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. During the same period in the previous year, the company earned ($0.09) EPS. The company's revenue for the quarter was up 88.7% compared to the same quarter last year. Sell-side analysts anticipate that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the sale, the director now directly owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the transaction, the chief operating officer now owns 1,473,322 shares of the company's stock, valued at approximately $31,308,092.50. This represents a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,258,242 shares of company stock valued at $34,752,649. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock worth $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Harbour Investments Inc. increased its position in SoundHound AI by 5.1% during the second quarter. Harbour Investments Inc. now owns 59,746 shares of the company's stock worth $236,000 after buying an additional 2,923 shares during the last quarter. Principal Financial Group Inc. raised its stake in SoundHound AI by 106.6% in the second quarter. Principal Financial Group Inc. now owns 38,340 shares of the company's stock valued at $151,000 after buying an additional 19,780 shares during the period. Signaturefd LLC boosted its stake in shares of SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company's stock worth $41,000 after acquiring an additional 2,200 shares during the period. Finally, International Assets Investment Management LLC acquired a new position in shares of SoundHound AI during the 2nd quarter worth approximately $31,000. 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.