HC Wainwright Lowers SoundHound AI (NASDAQ:SOUN) Price Target to $18.00

SoundHound AI (NASDAQ:SOUN - Free Report) had its price target trimmed by HC Wainwright from $26.00 to $18.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also weighed in on SOUN. DA Davidson decreased their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wedbush decreased their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Northland Securities increased their price objective 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. Finally, Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $10.29.

SoundHound AI Price Performance

SOUN traded up $0.18 during trading on Monday, reaching $11.19. The company's stock had a trading volume of 26,442,222 shares, compared to its average volume of 37,760,242. The company has a market cap of $4.46 billion, a price-to-earnings ratio of -31.08 and a beta of 2.71. The firm has a fifty day simple moving average of $9.03 and a two-hundred day simple moving average of $11.45. SoundHound AI has a 1 year low of $3.82 and a 1 year high of $24.98. 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 (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. During the same period in the prior year, the business earned ($0.07) EPS. The firm's quarterly revenue was up 151.2% on a year-over-year basis. As a group, analysts anticipate that SoundHound AI will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 138,895 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $1,400,061.60. Following the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. The trade was a 7.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Majid Emami sold 28,392 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,080.80. Following the transaction, the vice president now directly owns 669,834 shares in the company, valued at approximately $6,631,356.60. The trade was a 4.07% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 548,537 shares of company stock valued at $5,567,760. Company insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of SOUN. PharVision Advisers LLC purchased a new position in SoundHound AI in the 1st quarter valued at approximately $116,000. NewEdge Advisors LLC grew its stake in SoundHound AI by 12.9% during the 1st quarter. NewEdge Advisors LLC now owns 41,030 shares of the company's stock worth $333,000 after purchasing an additional 4,692 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in SoundHound AI by 84.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after purchasing an additional 2,274,105 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in SoundHound AI by 8.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company's stock worth $119,000 after purchasing an additional 1,201 shares during the period. Finally, Concorde Asset Management LLC raised its position in SoundHound AI by 17.0% in the 1st quarter. Concorde Asset Management LLC now owns 31,885 shares of the company's stock valued at $282,000 after purchasing an additional 4,630 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.