SoundHound AI (NASDAQ:SOUN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of SoundHound AI (NASDAQ:SOUN) from a strong sell rating to a sell rating in a report issued on Saturday morning.

A number of other equities research analysts have also weighed in on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Piper Sandler decreased their target price on shares of SoundHound AI from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, August 6th. Finally, DA Davidson decreased their target price on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.60.

SoundHound AI Stock Down 5.2%

Shares of SOUN stock opened at $7.04 on Friday. The business has a 50-day moving average price of $6.70 and a two-hundred day moving average price of $7.46. SoundHound AI has a 12-month low of $5.65 and a 12-month high of $22.17. The firm has a market cap of $3.13 billion, a P/E ratio of -18.53 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.11. The firm had revenue of $61.90 million for the quarter, compared to analyst estimates of $52.38 million. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.The company’s revenue was up 45.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.19) EPS. As a group, research analysts expect that SoundHound AI will post -0.33 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 18,802 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $140,262.92. Following the completion of the sale, the chief technology officer owned 502,290 shares of the company’s stock, valued at approximately $3,747,083.40. This represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 28,843 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $215,168.78. Following the completion of the transaction, the senior vice president owned 472,983 shares in the company, valued at $3,528,453.18. This represents a 5.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 268,022 shares of company stock worth $1,999,444 over the last quarter. Company insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SOUN. EP Wealth Advisors LLC boosted its position in SoundHound AI by 5.3% during the 2nd quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock valued at $151,000 after buying an additional 706 shares during the period. Newbridge Financial Services Group Inc. increased its position in shares of SoundHound AI by 2.7% in the third quarter. Newbridge Financial Services Group Inc. now owns 31,880 shares of the company’s stock valued at $513,000 after acquiring an additional 830 shares during the period. Parallel Advisors LLC increased its position in shares of SoundHound AI by 42.8% in the third quarter. Parallel Advisors LLC now owns 3,204 shares of the company’s stock valued at $52,000 after acquiring an additional 960 shares during the period. Northwestern Mutual Wealth Management Co. raised its stake in shares of SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after acquiring an additional 1,060 shares during the last quarter. Finally, Integrated Wealth Concepts LLC raised its stake in shares of SoundHound AI by 8.9% during the first quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock valued at $119,000 after acquiring an additional 1,201 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.