Wedbush Lowers SoundHound AI (NASDAQ:SOUN) Price Target to $15.00

SoundHound AI (NASDAQ:SOUN - Get Free Report) had its price target decreased by Wedbush from $22.00 to $15.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Wedbush's price target indicates a potential upside of 64.29% from the company's previous close.

A number of other research firms have also recently commented on SOUN. Northland Securities raised their target price on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. DA Davidson lowered their target price 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. HC Wainwright reiterated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $11.43.

SoundHound AI Stock Performance

NASDAQ SOUN traded down $0.61 during midday trading on Friday, hitting $9.13. The company had a trading volume of 33,463,224 shares, compared to its average volume of 37,679,016. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of -25.36 and a beta of 2.71. The firm has a fifty day simple moving average of $8.90 and a two-hundred day simple moving average of $11.27. SoundHound AI has a fifty-two week low of $3.82 and a fifty-two week high of $24.98. The company has a quick ratio of 2.58, a current 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, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Equities analysts forecast that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 118,605 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $1,174,189.50. Following the transaction, the chief executive officer now directly owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. This trade represents a 5.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Diana Sroka sold 3,402 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the sale, the director now directly owns 138,850 shares in the company, valued at approximately $1,399,608. This represents a 2.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock worth $4,999,726 in the last ninety days. Insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Blue Trust Inc. raised its position 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 in the last quarter. Sound Income Strategies LLC lifted its stake in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after purchasing an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of SoundHound AI during the 4th quarter worth about $30,000. Golden State Wealth Management LLC grew its position 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 buying an additional 2,115 shares during the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in SoundHound AI in the 4th quarter valued at approximately $40,000. 19.28% of the stock is currently owned by institutional investors.

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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