Piper Sandler Begins Coverage on SoundHound AI (NASDAQ:SOUN)

Stock analysts at Piper Sandler assumed coverage on shares of SoundHound AI (NASDAQ:SOUN - Get Free Report) in a research note issued on Tuesday, MarketBeat.com reports. The brokerage set an "overweight" rating and a $12.00 price target on the stock. Piper Sandler's target price suggests a potential upside of 8.16% from the company's current price.

Several other research firms have also issued reports on SOUN. DA Davidson reduced their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wedbush reduced their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. HC Wainwright reduced their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, SoundHound AI currently has a consensus rating of "Moderate Buy" and an average target price of $10.50.

SoundHound AI Stock Up 15.8%

Shares of SoundHound AI stock traded up $1.52 on Tuesday, hitting $11.10. The company had a trading volume of 79,077,806 shares, compared to its average volume of 38,188,312. The stock has a market capitalization of $4.46 billion, a price-to-earnings ratio of -30.82 and a beta of 2.71. SoundHound AI has a 1 year low of $3.82 and a 1 year high of $24.98. The stock has a 50 day moving average of $9.12 and a 200-day moving average of $11.73. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. The firm had revenue of $29.13 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.07) earnings per share. As a group, sell-side analysts forecast that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 118,605 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $1,174,189.50. Following the completion of the transaction, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at $18,840,303.90. This trade represents a 5.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Nitesh Sharan sold 48,639 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $481,526.10. Following the completion of the transaction, the chief financial officer now directly owns 1,454,011 shares of the company's stock, valued at $14,394,708.90. The trade was a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 548,537 shares of company stock valued at $5,567,760. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently made changes to their positions in SOUN. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after acquiring an additional 8,402,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of SoundHound AI by 84.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after buying an additional 2,274,105 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of SoundHound AI in the fourth quarter worth $41,595,000. Invesco Ltd. raised its position in shares of SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after buying an additional 1,289,360 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of SoundHound AI by 69.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock worth $21,434,000 after buying an additional 1,085,473 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

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.