SoundHound AI’s (SOUN) “Neutral” Rating Reiterated at Barclays

Barclays restated their neutral rating on shares of SoundHound AI (NASDAQ:SOUN) in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a $7.00 price objective on the stock.

Several other brokerages also recently weighed in on SOUN. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. DA Davidson reissued a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Northland Securities boosted their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Trading Down 4.1 %

NASDAQ:SOUN opened at $6.36 on Wednesday. The company has a market capitalization of $2.28 billion, a PE ratio of -17.67 and a beta of 2.71. SoundHound AI has a 52-week low of $1.62 and a 52-week high of $10.25. The stock’s 50 day moving average price is $5.30 and its 200 day moving average price is $4.95. The company has a quick ratio of 8.77, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last announced its 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. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period last year, the firm posted ($0.09) earnings per share. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, research analysts anticipate that SoundHound AI will post -0.36 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 39,728 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the sale, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. The trade was a 2.48 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,275 shares of company stock worth $1,606,644. 12.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently made changes to their positions in the business. Kings Path Partners LLC acquired a new position in SoundHound AI during the second quarter worth about $28,000. NBC Securities Inc. raised its position in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in SoundHound AI in the 2nd quarter valued at approximately $31,000. Farther Finance Advisors LLC grew its holdings in SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after buying an additional 6,716 shares during the last quarter. Finally, Amalgamated Bank increased its position in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other 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.