SoundHound AI, Inc. (NASDAQ:SOUN) Receives Average Recommendation of "Moderate Buy" from Analysts

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) have been given an average recommendation of "Moderate Buy" by the eight analysts that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $10.50.

Several equities research analysts have recently issued reports on SOUN shares. DA Davidson lowered their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Piper Sandler started coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price target on the stock. Wedbush cut their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Finally, HC Wainwright decreased their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th.

SoundHound AI Stock Performance

Shares of SOUN stock opened at $11.57 on Monday. The stock's 50 day simple moving average is $10.26 and its 200 day simple moving average is $11.23. SoundHound AI has a twelve month low of $3.94 and a twelve month high of $24.98. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of -21.04 and a beta of 2.59.

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

Insider Activity

In other news, insider James Ming Hom sold 79,530 shares of the 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 $744,400.80. Following the completion of the transaction, the insider directly owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. This represents a 11.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Nitesh Sharan sold 111,111 shares of the company'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 $1,039,998.96. Following the completion of the sale, the chief financial officer directly owned 1,442,900 shares in the company, valued at approximately $13,505,544. The trade was a 7.15% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

Several large investors have recently made changes to their positions in the business. Farther Finance Advisors LLC increased its holdings in shares of SoundHound AI by 39.0% in the second quarter. Farther Finance Advisors LLC now owns 9,830 shares of the company's stock valued at $105,000 after purchasing an additional 2,757 shares in the last quarter. Silver Oak Securities Incorporated acquired a new position in shares of SoundHound AI in the 2nd quarter valued at $76,000. Harbour Capital Advisors LLC bought a new position in SoundHound AI during the second quarter worth about $298,000. Clare Market Investments LLC acquired a new stake in shares of SoundHound AI in the 2nd quarter valued at approximately $194,000. Finally, Kozak & Associates Inc. boosted its position in shares of SoundHound AI by 6,249.0% during the second quarter. Kozak & Associates Inc. now owns 3,238 shares of the company's stock worth $35,000 after purchasing an additional 3,187 shares in the last quarter. 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.

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