SoundHound AI (NASDAQ:SOUN) Receives "Buy" Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of SoundHound AI (NASDAQ:SOUN - Free Report) in a report released on Monday, Benzinga reports. They currently have a $7.00 price target on the stock.

SOUN has been the subject of a number of other reports. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a research note on Tuesday, January 30th. They issued a buy rating and a $4.00 target price for the company. Wedbush reissued an outperform rating and set a $9.00 target price on shares of SoundHound AI in a research note on Friday. DA Davidson upped their price target on SoundHound AI from $7.50 to $9.50 and gave the company a buy rating in a research note on Friday, March 15th. Cantor Fitzgerald raised SoundHound AI from an underweight rating to a neutral rating and set a $4.90 price objective for the company in a research report on Thursday, April 11th. Finally, Northland Securities reaffirmed a market perform rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and a consensus target price of $6.88.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN traded up $0.43 during trading on Monday, reaching $5.52. The stock had a trading volume of 51,976,206 shares, compared to its average volume of 50,317,047. The business has a fifty day moving average price of $5.39 and a 200-day moving average price of $3.46. SoundHound AI has a 1-year low of $1.49 and a 1-year high of $10.25. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69. The stock has a market cap of $1.71 billion, a PE ratio of -14.53 and a beta of 2.87.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 598.50%. The business had revenue of $11.59 million during the quarter, compared to analysts' expectations of $10.10 million. During the same period in the prior year, the business earned ($0.12) earnings per share. The company's quarterly revenue was up 72.9% compared to the same quarter last year. On average, equities analysts forecast that SoundHound AI will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 31,665 shares of the company's stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the completion of the sale, the chief executive officer now owns 1,137,831 shares in the company, valued at $6,918,012.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the completion of the sale, the chief technology officer now directly owns 982,584 shares in the company, valued at approximately $7,565,896.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 31,665 shares of SoundHound AI stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total value of $192,523.20. Following the transaction, the chief executive officer now directly owns 1,137,831 shares of the company's stock, valued at $6,918,012.48. The disclosure for this sale can be found here. Insiders have sold a total of 405,057 shares of company stock valued at $2,587,804 over the last quarter. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of SOUN. Vanguard Group Inc. grew its position in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC increased its stake in shares of SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company's stock valued at $10,278,000 after acquiring an additional 1,566,238 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of SoundHound AI by 1.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company's stock worth $3,486,000 after acquiring an additional 18,301 shares during the period. Raymond James & Associates boosted its position in shares of SoundHound AI by 221.1% in the third quarter. Raymond James & Associates now owns 982,948 shares of the company's stock worth $1,976,000 after acquiring an additional 676,799 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in SoundHound AI by 9.4% during the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company's stock worth $1,034,000 after purchasing an additional 44,028 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

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.