HC Wainwright Issues Positive Forecast for SoundHound AI (NASDAQ:SOUN) Stock Price

SoundHound AI (NASDAQ:SOUN) had its target price hoisted by HC Wainwright from $8.00 to $26.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

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

SoundHound AI Price Performance

SoundHound AI stock opened at $20.24 on Monday. The company has a market capitalization of $7.48 billion, a price-to-earnings ratio of -56.22 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. SoundHound AI has a 12 month low of $1.62 and a 12 month high of $24.08. The stock’s 50 day moving average is $9.91 and its 200-day moving average is $6.54.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.09) EPS. Equities research analysts expect that SoundHound AI will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, Director Eric R. Ball sold 30,000 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares in the company, valued at $890,583.21. This represents a 21.29 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,258,242 shares of company stock valued at $34,752,649. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its stake in shares of SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares during the last quarter. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI during the 3rd quarter valued at $4,193,000. FMR LLC grew its position in SoundHound AI by 112.8% during the 3rd quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after acquiring an additional 25,989 shares during the last quarter. Intech Investment Management LLC acquired a new position in SoundHound AI in the 3rd quarter worth about $305,000. Finally, Victory Capital Management Inc. raised its position in SoundHound AI by 230.9% in the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after purchasing an additional 84,301 shares during the last quarter. 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.