SoundHound AI, Inc. (NASDAQ:SOUN) Receives Consensus Rating of "Hold" from Analysts

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) has earned a consensus rating of "Hold" from the seven brokerages that are covering the stock, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $10.29.

Several brokerages have recently issued reports on SOUN. Wedbush reduced their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. HC Wainwright cut their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, DA Davidson cut their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th.

SoundHound AI Trading Up 0.3%

SOUN opened at $9.58 on Friday. SoundHound AI has a 52 week low of $3.82 and a 52 week high of $24.98. The business has a fifty day simple moving average of $9.09 and a 200-day simple moving average of $11.69. The firm has a market cap of $3.85 billion, a P/E ratio of -26.61 and a beta of 2.71. 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 released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping 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 business had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. During the same period last year, the business posted ($0.07) earnings per share. The company's quarterly revenue was up 151.2% on a year-over-year basis. On average, equities analysts expect that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 44,157 shares of SoundHound AI stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $12.00, for a total transaction of $529,884.00. Following the sale, the chief technology officer now owns 723,009 shares in the company, valued at approximately $8,676,108. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Ming Hom sold 3,815 shares of SoundHound AI stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $10.00, for a total value of $38,150.00. Following the sale, the insider now owns 637,090 shares in the company, valued at $6,370,900. This trade represents a 0.60% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 548,537 shares of company stock worth $5,567,760. Corporate insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently added to or reduced their stakes in the stock. Belpointe Asset Management LLC acquired a new position in SoundHound AI in the 1st quarter valued at about $85,000. Intech Investment Management LLC increased its position in SoundHound AI by 135.4% in the 1st quarter. Intech Investment Management LLC now owns 253,089 shares of the company's stock valued at $2,055,000 after acquiring an additional 145,557 shares during the period. Focus Partners Wealth increased its position in SoundHound AI by 59.9% in the 1st quarter. Focus Partners Wealth now owns 85,670 shares of the company's stock valued at $696,000 after acquiring an additional 32,084 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in SoundHound AI by 10.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company's stock valued at $5,620,000 after acquiring an additional 63,398 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock valued at $21,434,000 after acquiring an additional 1,085,473 shares during the period. Institutional investors and hedge funds 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.

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