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

Stock analysts at Piper Sandler initiated coverage on shares of SoundHound AI (NASDAQ:SOUN - Get Free Report) in a note issued to investors on Tuesday, MarketBeat reports. The firm set an "overweight" rating and a $12.00 price target on the stock. Piper Sandler's price objective points to a potential upside of 9.39% from the stock's previous close.

SOUN has been the topic of several other reports. DA Davidson cut their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. HC Wainwright decreased their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Finally, Wedbush dropped their target price 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 analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $10.50.

SoundHound AI Trading Down 1.3%

SOUN traded down $0.15 during mid-day trading on Tuesday, hitting $10.97. 34,907,723 shares of the stock were exchanged, compared to its average volume of 38,249,339. The firm's fifty day moving average is $9.12 and its two-hundred day moving average is $11.73. SoundHound AI has a 1-year low of $3.82 and a 1-year high of $24.98. The company has a market cap of $4.41 billion, a PE ratio of -30.47 and a beta of 2.71. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share 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 163.58% and a negative return on equity of 55.58%. The business's quarterly revenue was up 151.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.07) earnings per share. Equities analysts forecast that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the transaction, the chief executive officer now owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. The trade was a 7.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 48,639 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $481,526.10. Following the sale, the chief financial officer now 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. Insiders sold 548,537 shares of company stock valued at $5,567,760 over the last 90 days. 12.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of the stock. Keynote Financial Services LLC boosted its position in SoundHound AI by 4.7% during the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after purchasing an additional 752 shares during the last quarter. Blue Trust Inc. lifted its holdings in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after buying an additional 929 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its stake in SoundHound AI by 13.7% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 8,317 shares of the company's stock valued at $165,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Choreo LLC lifted its stake in shares of SoundHound AI by 7.6% in the 4th quarter. Choreo LLC now owns 14,424 shares of the company's stock valued at $309,000 after purchasing an additional 1,015 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other 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.