DA Davidson Raises SoundHound AI (NASDAQ:SOUN) Price Target to $17.00

Key Points

• DA Davidson has raised its price target for SoundHound AI (NASDAQ:SOUN) from $15.00 to $17.00, indicating a potential upside of 17.88% from the current price.
• The stock currently has a consensus rating of "Moderate Buy" among analysts, with a range of ratings from strong buy to sell.
• Despite a reported revenue increase of 216.3% year-over-year, SoundHound AI missed earnings expectations for the latest quarter, posting an EPS of ($0.19) against the consensus estimate of ($0.06).

SoundHound AI (NASDAQ:SOUN - Free Report) had its price target hoisted by DA Davidson from $15.00 to $17.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

SOUN has been the topic of a number of other research reports. Northland Capmk raised shares of SoundHound AI from a "hold" rating to a "strong-buy" rating in a report on Friday, August 8th. Wedbush boosted their target price on shares of SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Wall Street Zen cut shares of SoundHound AI from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. LADENBURG THALM/SH SH raised shares of SoundHound AI from a "neutral" rating to a "buy" rating and boosted their target price for the company from $9.00 to $16.00 in a report on Monday, August 11th. Finally, Northland Securities upgraded shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price target for the company in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $14.36.

SoundHound AI Trading Down 3.2%

Shares of NASDAQ:SOUN traded down $0.46 during mid-day trading on Wednesday, reaching $14.12. The company had a trading volume of 46,508,606 shares, compared to its average volume of 61,092,024. The company's 50-day moving average price is $12.67 and its 200-day moving average price is $10.56. SoundHound AI has a one year low of $4.45 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The business had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. During the same period in the previous year, the firm earned ($0.11) EPS. The company's revenue was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. Sell-side analysts expect 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 254,376 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the completion of the transaction, the chief executive officer directly owned 1,749,790 shares of the company's stock, valued at approximately $16,378,034.40. This represents a 12.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Diana Sroka sold 2,800 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total transaction of $27,832.00. Following the transaction, the director directly owned 153,949 shares of the company's stock, valued at approximately $1,530,253.06. This trade represents a 1.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 780,965 shares of company stock valued at $7,350,999. 9.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of the company. EP Wealth Advisors LLC raised its stake in shares of SoundHound AI by 5.3% during the second quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company's stock valued at $151,000 after acquiring an additional 706 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in shares of SoundHound AI by 4.0% during the second quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company's stock valued at $248,000 after acquiring an additional 880 shares during the last quarter. Apexium Financial LP raised its stake in shares of SoundHound AI by 2.8% during the second quarter. Apexium Financial LP now owns 36,698 shares of the company's stock valued at $394,000 after acquiring an additional 1,000 shares during the last quarter. Belpointe Asset Management LLC raised its stake in shares of SoundHound AI by 9.6% during the second quarter. Belpointe Asset Management LLC now owns 11,430 shares of the company's stock valued at $123,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Huntington National Bank raised its stake in shares of SoundHound AI by 48.8% during the second quarter. Huntington National Bank now owns 3,050 shares of the company's stock valued at $33,000 after acquiring an additional 1,000 shares during 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.