SoundHound AI (NASDAQ:SOUN) Price Target Raised to $26.00 at HC Wainwright

Key Points

• HC Wainwright has raised the price target for SoundHound AI from $18.00 to $26.00, indicating a potential upside of 21.50% from the stock's previous close.
• Despite a significant revenue increase of 216.3% year-over-year, SoundHound AI reported an EPS loss of ($0.19), missing the consensus estimate.
• Insider trading shows that the COO and CFO sold shares recently, with insiders having sold a total of $12.67 million worth of stock over the past 90 days.

SoundHound AI (NASDAQ:SOUN - Get Free Report) had its price objective upped by research analysts at HC Wainwright from $18.00 to $26.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the stock. HC Wainwright's target price suggests a potential upside of 21.50% from the stock's previous close.

SOUN has been the subject of several other research reports. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a "neutral" rating to a "buy" rating and raised their target price for the stock from $9.00 to $16.00 in a report on Monday, August 11th. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 8th. Wall Street Zen downgraded shares of SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wedbush reaffirmed an "outperform" rating and issued a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. Finally, Northland Securities raised shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price target on the stock in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of "Moderate Buy" and a consensus target price of $15.50.

SoundHound AI Trading Up 2.6%

SoundHound AI stock opened at $21.40 on Thursday. The firm has a 50-day moving average price of $15.38 and a 200-day moving average price of $11.81. The firm has a market capitalization of $8.72 billion, a PE ratio of -33.97 and a beta of 2.60. SoundHound AI has a 12-month low of $4.86 and a 12-month 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The firm had revenue of $42.68 million during the quarter, compared to the consensus estimate of $32.88 million. SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.SoundHound AI's revenue was up 216.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.11) EPS. SoundHound AI has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Michael Zagorsek sold 69,837 shares of the business's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the completion of the transaction, the chief operating officer owned 1,860,790 shares in the company, valued at $29,772,640. The trade was a 3.62% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Nitesh Sharan sold 126,596 shares of the business's stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.58, for a total transaction of $2,098,961.68. Following the transaction, the chief financial officer owned 1,796,304 shares of the company's stock, valued at approximately $29,782,720.32. This trade represents a 6.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 725,541 shares of company stock worth $12,675,035 over the last 90 days. 9.17% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in SoundHound AI by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock worth $284,687,000 after purchasing an additional 3,028,281 shares during the last quarter. Geode Capital Management LLC grew its position in SoundHound AI by 8.3% during the 2nd quarter. Geode Capital Management LLC now owns 8,830,144 shares of the company's stock worth $94,759,000 after purchasing an additional 679,436 shares during the last quarter. State Street Corp grew its position in SoundHound AI by 9.1% during the 2nd quarter. State Street Corp now owns 8,476,348 shares of the company's stock worth $90,951,000 after purchasing an additional 708,369 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of SoundHound AI by 1.0% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,024,632 shares of the company's stock valued at $53,906,000 after acquiring an additional 50,904 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of SoundHound AI by 2.5% in the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock valued at $24,190,000 after acquiring an additional 72,766 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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