SoundHound AI (NASDAQ:SOUN) Earns "Buy" Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of SoundHound AI (NASDAQ:SOUN - Free Report) in a research report report published on Monday morning,Benzinga reports. They currently have a $26.00 target price on the stock.

SOUN has been the topic of a number of other research reports. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. DA Davidson reaffirmed a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. LADENBURG THALM/SH SH reissued a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Barclays reiterated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $12.07.

SoundHound AI Trading Down 9.0 %

NASDAQ SOUN traded down $1.27 during trading on Monday, hitting $12.82. The company had a trading volume of 50,109,366 shares, compared to its average volume of 69,786,438. The company's fifty day moving average is $13.44 and its 200-day moving average is $7.90. SoundHound AI has a one year low of $1.62 and a one year high of $24.98. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market cap of $4.74 billion, a price-to-earnings ratio of -35.61 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI's revenue was up 88.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.09) earnings per share. On average, sell-side analysts predict that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now owns 735,685 shares in the company, valued at $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the business's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the transaction, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. This trade represents a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock valued at $45,391,343 in the last 90 days. Insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of the business. Carnegie Investment Counsel purchased a new position in SoundHound AI during the third quarter worth approximately $4,193,000. Geode Capital Management LLC grew its stake in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after buying an additional 602,311 shares in the last quarter. Oriental Harbor Investment Fund acquired a new position in SoundHound AI in the 4th quarter valued at about $8,964,000. Shellback Capital LP purchased a new stake in SoundHound AI during the 2nd quarter worth approximately $1,196,000. Finally, Squarepoint Ops LLC raised its stake in shares of SoundHound AI by 818.0% in the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company's stock valued at $913,000 after acquiring an additional 205,985 shares in 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.