SoundHound AI (NASDAQ:SOUN) Earns Overweight Rating from Analysts at Piper Sandler

Stock analysts at Piper Sandler started coverage on shares of SoundHound AI (NASDAQ:SOUN - Get Free Report) in a research report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set an "overweight" rating and a $12.00 price target on the stock. Piper Sandler's price objective suggests a potential upside of 18.53% from the company's current price.

Other research analysts have also issued research reports about the company. 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 report on Monday, April 14th. 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 report on Monday, May 12th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a report on Monday, February 24th. Finally, Wedbush cut their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $10.50.

SoundHound AI Stock Up 6.0%

Shares of SoundHound AI stock opened at $10.12 on Tuesday. SoundHound AI has a one year low of $3.82 and a one year high of $24.98. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock's 50-day moving average is $9.09 and its 200 day moving average is $11.74. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of -26.61 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.03. The business had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company's quarterly revenue was up 151.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Equities research analysts anticipate that SoundHound AI will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 28,388 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the sale, the insider now directly owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. This trade represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 3,333 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $33,596.64. Following the sale, the chief technology officer now directly owns 765,534 shares of the company's stock, valued at $7,716,582.72. The trade was a 0.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 548,537 shares of company stock valued at $5,567,760 over the last ninety days. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the business. Wealth Effects LLC purchased a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $357,000. Mitchell Capital Management Co. bought a new position in SoundHound AI during the fourth quarter valued at $2,329,000. UNICOM Systems Inc. bought a new position in SoundHound AI during the fourth quarter valued at $4,662,000. Patriot Financial Group Insurance Agency LLC bought a new position in SoundHound AI during the fourth quarter valued at $594,000. Finally, Deutsche Bank AG grew its holdings in SoundHound AI by 64.2% during the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock valued at $5,249,000 after purchasing an additional 103,450 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

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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