SoundHound AI (NASDAQ:SOUN) Given New $15.00 Price Target at Wedbush

SoundHound AI (NASDAQ:SOUN - Free Report) had its price objective cut by Wedbush from $22.00 to $15.00 in a research note published on Friday morning,Benzinga reports. They currently have an outperform rating on the stock.

SOUN has been the subject of a number of other reports. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. HC Wainwright reiterated a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, DA Davidson decreased their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI presently has an average rating of "Hold" and a consensus target price of $10.29.

SoundHound AI Stock Up 2.3%

Shares of NASDAQ:SOUN traded up $0.25 during trading on Friday, hitting $11.26. The company's stock had a trading volume of 51,785,862 shares, compared to its average volume of 37,770,983. The company has a market capitalization of $4.49 billion, a PE ratio of -31.28 and a beta of 2.71. The stock's 50-day moving average price is $8.90 and its two-hundred day moving average price is $11.42. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. SoundHound AI has a fifty-two week low of $3.82 and a fifty-two week high of $24.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. The firm had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company's quarterly revenue was up 151.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) EPS. As a group, sell-side analysts expect that SoundHound AI will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 51,196 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the transaction, the insider now owns 638,456 shares of the company's stock, valued at approximately $6,544,174. This trade represents a 7.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 27,714 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $274,368.60. Following the completion of the transaction, the chief technology officer now directly owns 768,867 shares in the company, valued at approximately $7,611,783.30. The trade was a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its holdings in 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 purchasing an additional 830 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new position in SoundHound AI during the 4th quarter valued at $30,000. Golden State Wealth Management LLC grew its position in SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after purchasing an additional 2,115 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in SoundHound AI in the fourth quarter worth approximately $40,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.