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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) has received a consensus rating of "Hold" from the eight ratings firms that are covering the firm, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $10.50.

Several research analysts recently issued reports on SOUN shares. Wedbush dropped 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 dropped 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. Piper Sandler reaffirmed a "neutral" rating and set a $12.00 target price on shares of SoundHound AI in a research report on Monday, July 14th. Finally, DA Davidson dropped their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th.

SoundHound AI Stock Performance

SOUN opened at $10.72 on Friday. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of -19.49 and a beta of 2.57. The stock's 50 day moving average price is $10.69 and its 200-day moving average price is $10.56. SoundHound AI has a one year low of $4.32 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). The business had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The company's quarterly revenue was up 216.3% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.11) EPS. As a group, analysts predict that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 2,981 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total transaction of $28,856.08. Following the completion of the sale, the chief technology officer owned 716,866 shares in the company, valued at approximately $6,939,262.88. This represents a 0.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Diana Sroka sold 2,800 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total value of $27,832.00. Following the sale, the director owned 153,949 shares of the company's stock, valued at approximately $1,530,253.06. This represents a 1.79% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 961,289 shares of company stock worth $9,247,847. Company insiders own 9.17% of the company's stock.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Orion Capital Management LLC purchased a new position in SoundHound AI in the 4th quarter worth $30,000. AlphaQuest LLC purchased a new position in SoundHound AI in the 1st quarter worth $32,000. Huntington National Bank raised its stake in SoundHound AI by 48.8% in 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 raised its stake in SoundHound AI by 100.0% in 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. raised its stake in SoundHound AI by 6,249.0% in 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. 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.

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