SoundHound AI, Inc. (NASDAQ:SOUN) Receives $10.50 Consensus Target Price from Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) has been assigned an average rating of "Moderate Buy" from the eight research firms that are presently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $10.50.

SOUN has been the subject of a number of research reports. HC Wainwright cut their price objective on shares of 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 reduced their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Wedbush dropped their price target 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. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a report on Monday, February 24th. Finally, Piper Sandler initiated coverage on SoundHound AI in a report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price target on the stock.

Insider Buying and Selling at SoundHound AI

In related news, VP Majid Emami sold 132,352 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the sale, the vice president now directly owns 537,482 shares in the company, valued at approximately $5,396,319.28. This trade represents a 19.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James Ming Hom sold 51,196 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the transaction, the insider now owns 638,456 shares in the company, valued at $6,544,174. This represents a 7.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 377,150 shares of company stock valued at $3,889,557 in the last ninety days. Insiders own 9.17% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mitchell Capital Management Co. bought a new stake in SoundHound AI in the fourth quarter valued at approximately $2,329,000. Yarbrough Capital LLC acquired a new stake in SoundHound AI during the 1st quarter worth approximately $1,258,000. Deutsche Bank AG lifted its position in shares of SoundHound AI by 64.2% in the 4th quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock worth $5,249,000 after purchasing an additional 103,450 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of SoundHound AI by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock valued at $54,078,000 after acquiring an additional 143,487 shares in the last quarter. Finally, Rockefeller Capital Management L.P. bought a new stake in SoundHound AI during the 4th quarter valued at $41,595,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Price Performance

NASDAQ SOUN traded up $0.15 during mid-day trading on Thursday, reaching $9.57. 24,709,122 shares of the stock were exchanged, compared to its average volume of 38,990,582. SoundHound AI has a one year low of $3.82 and a one year high of $24.98. The stock has a 50 day simple moving average of $9.55 and a 200-day simple moving average of $11.99.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The business's revenue was up 151.2% on a year-over-year basis. During the same period last year, the company earned ($0.07) earnings per share. On average, sell-side analysts forecast that SoundHound AI will post -0.38 EPS 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.