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

Key Points

• Analysts have rated SoundHound AI, Inc. (NASDAQ:SOUN) with a consensus of "Moderate Buy", with an average target price set at $12.07 per share, higher than recent upgrades from various firms.
• SoundHound AI's shares have recently surged 26.4%, reaching $13.55, while the company reported a significant revenue increase of 216.3% compared to the same quarter last year.
• Insider transactions revealed that executives sold significant amounts of stock, indicating a 9.17% insider ownership rate, which could impact investor confidence.

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) has received an average recommendation of "Moderate Buy" from the nine research firms that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $13.3571.

Several brokerages have weighed in on SOUN. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $9.00 to $16.00 in a report on Monday. HC Wainwright lowered their price target 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. DA Davidson lowered their price target 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. Northland Securities raised SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price target for the company in a research note on Friday. Finally, Northland Capmk raised SoundHound AI from a "hold" rating to a "strong-buy" rating in a research note on Friday.

Insider Buying and Selling at SoundHound AI

In related news, CFO Nitesh Sharan sold 111,111 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 transaction of $1,039,998.96. Following the completion of the sale, the chief financial officer directly owned 1,442,900 shares of the company's stock, valued at approximately $13,505,544. This represents a 7.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 2,981 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total value of $28,856.08. Following the sale, the chief technology officer directly owned 716,866 shares of the company's stock, valued at approximately $6,939,262.88. The trade was a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 957,474 shares of company stock worth $9,209,697 in the last quarter. Company insiders own 9.17% of the company's stock.

Institutional Trading of SoundHound AI

Large investors have recently bought and sold shares of the business. Orion Capital Management LLC bought a new stake in SoundHound AI during the 4th quarter worth approximately $30,000. AlphaQuest LLC acquired a new position in SoundHound AI during the 1st quarter worth approximately $32,000. Huntington National Bank boosted its position in SoundHound AI by 48.8% during the 2nd quarter. Huntington National Bank now owns 3,050 shares of the company's stock worth $33,000 after acquiring an additional 1,000 shares during the last quarter. 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 last quarter. Finally, 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 last quarter. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Performance

NASDAQ:SOUN traded up $2.36 on Friday, hitting $15.91. 66,900,228 shares of the stock were exchanged, compared to its average volume of 40,439,398. The stock has a market capitalization of $6.39 billion, a price-to-earnings ratio of -25.20 and a beta of 2.57. SoundHound AI has a 52 week low of $4.32 and a 52 week high of $24.98. The company's 50-day moving average price is $10.76 and its 200 day moving average price is $10.45.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The firm had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. SoundHound AI had a negative return on equity of 77.38% and a negative net margin of 171.81%. The business's revenue for the quarter was up 216.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.11) earnings per share. As a group, equities research analysts predict that SoundHound AI will post -0.38 earnings per share for the current year.

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.