Brokerages Set SoundHound AI, Inc. (NASDAQ:SOUN) PT at $10.50

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) have earned an average recommendation of "Hold" from the eight research firms that are covering the firm, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $10.50.

A number of brokerages have weighed in on SOUN. Piper Sandler reiterated a "neutral" rating and issued a $12.00 price objective on shares of SoundHound AI in a research note on Monday. DA Davidson reduced their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Wedbush reduced their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th.

Insiders Place Their Bets

In related news, insider James Ming Hom sold 79,530 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $744,400.80. Following the sale, the insider directly owned 637,560 shares in the company, valued at approximately $5,967,561.60. This trade represents a 11.09% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 254,376 shares of SoundHound AI stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $2,380,959.36. Following the sale, the chief executive officer owned 1,749,790 shares in the company, valued at $16,378,034.40. This represents a 12.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 961,289 shares of company stock worth $9,247,847. 9.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Orion Capital Management LLC bought a new position in SoundHound AI during the 4th quarter worth $30,000. AlphaQuest LLC acquired a new position in SoundHound AI during the 1st quarter worth $32,000. Golden State Wealth Management LLC boosted its position in SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after acquiring an additional 2,115 shares during the period. Kozak & Associates Inc. boosted its position in SoundHound AI by 6,249.0% during the 2nd quarter. Kozak & Associates Inc. now owns 3,238 shares of the company's stock worth $35,000 after acquiring an additional 3,187 shares during the period. Finally, BIT Capital GmbH acquired a new position in SoundHound AI during the 4th quarter worth $43,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Up 7.3%

NASDAQ SOUN traded up $0.86 during trading on Monday, hitting $12.64. The stock had a trading volume of 51,912,208 shares, compared to its average volume of 40,108,462. The company has a market capitalization of $5.08 billion, a PE ratio of -22.98 and a beta of 2.59. The firm has a 50 day moving average price of $10.46 and a 200 day moving average price of $11.08. SoundHound AI has a twelve month low of $3.94 and a twelve month high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The business had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. During the same period in the previous year, the company posted ($0.07) earnings per share. The business's revenue for the quarter was up 151.2% on a year-over-year basis. On average, sell-side analysts anticipate that SoundHound AI will post -0.38 earnings per share for the current 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.