SoundHound AI (NASDAQ:SOUN) Given Neutral Rating at Piper Sandler

SoundHound AI (NASDAQ:SOUN - Get Free Report)'s stock had its "neutral" rating restated by Piper Sandler in a research report issued on Monday, Marketbeat.com reports. They presently have a $12.00 price target on the stock. Piper Sandler's price objective would suggest a potential upside of 5.97% from the company's current price.

SOUN has been the topic of a number of other reports. HC Wainwright lowered their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Wedbush cut their price target on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, DA Davidson cut their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI currently has an average rating of "Hold" and a consensus target price of $10.50.

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN traded down $0.13 during mid-day trading on Monday, hitting $11.32. The stock had a trading volume of 16,224,089 shares, compared to its average volume of 40,014,654. The company has a market cap of $4.55 billion, a PE ratio of -20.55 and a beta of 2.59. SoundHound AI has a 12-month low of $3.94 and a 12-month high of $24.98. The company's 50 day moving average is $10.30 and its 200-day moving average is $11.14.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.03. The firm had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The company's revenue for the quarter was up 151.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) EPS. On average, equities research analysts predict that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 79,530 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $744,400.80. Following the completion of the transaction, the insider owned 637,560 shares in the company, valued at approximately $5,967,561.60. This represents a 11.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Michael Zagorsek sold 117,180 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,096,804.80. Following the sale, the chief operating officer directly owned 1,346,455 shares in the company, valued at $12,602,818.80. This trade represents a 8.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Orion Capital Management LLC bought a new position in SoundHound AI in the 4th quarter valued at about $30,000. AlphaQuest LLC bought a new position in SoundHound AI in the 1st quarter valued at about $32,000. Golden State Wealth Management LLC raised its holdings in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after acquiring an additional 2,115 shares during the period. Kozak & Associates Inc. raised its holdings in SoundHound AI by 6,249.0% in the 2nd quarter. Kozak & Associates Inc. now owns 3,238 shares of the company's stock valued at $35,000 after acquiring an additional 3,187 shares during the period. Finally, BIT Capital GmbH bought a new position in SoundHound AI in the 4th quarter valued at about $43,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.