Brokerages Set SoundHound AI, Inc. (NASDAQ:SOUN) PT at $13.00

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) have been assigned a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $13.00.

Several equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a research note on Friday, September 11th. DA Davidson reduced their target price on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Wall Street Zen raised shares of SoundHound AI from a “strong sell” rating to a “sell” rating in a research note on Sunday, September 13th. Finally, Piper Sandler lowered their price target 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.

Insider Buying and Selling

In other news, insider James Hom sold 38,730 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $6.33, for a total transaction of $245,160.90. Following the transaction, the insider directly owned 1,105,555 shares in the company, valued at $6,998,163.15. The trade was a 3.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 38,730 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total value of $245,160.90. Following the completion of the sale, the senior vice president owned 834,253 shares of the company’s stock, valued at $5,280,821.49. This trade represents a 4.44% decrease in their ownership of the stock. 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. In the last quarter, insiders have sold 287,206 shares of company stock valued at $1,819,115. 8.84% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Several large investors have recently added to or reduced their stakes in SOUN. Geode Capital Management LLC grew its holdings in shares of SoundHound AI by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock valued at $91,543,000 after purchasing an additional 273,097 shares during the period. SG Americas Securities LLC acquired a new position in SoundHound AI in the 1st quarter valued at about $1,606,000. AXQ Capital LP boosted its holdings in SoundHound AI by 395.6% in the 2nd quarter. AXQ Capital LP now owns 254,744 shares of the company’s stock valued at $1,648,000 after purchasing an additional 203,345 shares during the last quarter. Corient Private Wealth LP grew its stake in shares of SoundHound AI by 777.2% in the 2nd quarter. Corient Private Wealth LP now owns 176,764 shares of the company’s stock valued at $1,144,000 after buying an additional 156,612 shares during the period. Finally, Themes Management Co LLC purchased a new stake in shares of SoundHound AI in the 4th quarter valued at approximately $1,023,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

NASDAQ SOUN opened at $5.93 on Friday. The stock’s 50 day simple moving average is $6.68 and its 200-day simple moving average is $7.21. The company has a market cap of $2.63 billion, a PE ratio of -15.60 and a beta of 2.66. SoundHound AI has a 1-year low of $5.65 and a 1-year high of $22.17.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.11. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.The firm had revenue of $61.90 million during the quarter, compared to analysts’ expectations of $52.38 million. During the same period in the previous year, the business earned ($0.19) earnings per share. The firm’s revenue for the quarter was up 45.0% on a year-over-year basis. On average, equities research analysts anticipate that SoundHound AI will post -0.33 EPS for the current fiscal year.

More SoundHound AI News

Here are the key news stories impacting SoundHound AI this week:

• Positive Sentiment: Analysts tracked by American Banking News have an average $13.00 price target for SoundHound AI, well above recent trading levels. The consensus suggests significant potential upside if the company executes on its growth strategy. SoundHound AI Receives $13.00 Average Price Target from Analysts
• Positive Sentiment: SoundHound’s Asia business has extended its deal momentum to five consecutive quarters, including new wins in China and India and continued expansion of its OASYS automotive platform. The progress supports the company’s international growth and automotive AI opportunity. The Zacks Analyst Blog Highlights SoundHound AI
• Positive Sentiment: SoundHound’s completed LivePerson acquisition and appointment of former LivePerson executive John Collins as CFO could improve financial integration and support a push toward sustainable profitability. The company’s recent strong second-quarter results and raised full-year guidance add to the bullish case. SoundHound AI’s LivePerson Deal and New CFO Shift Its Profitability Narrative?
• Neutral Sentiment: SoundHound is being compared with NVIDIA as a faster-growing but much smaller AI company. Its narrower voice-AI focus and continuing losses make SOUN a higher-risk growth investment despite its expansion potential. The Zacks Analyst Blog Highlights SoundHound AI
• Negative Sentiment: CEO Keyvan Mohajer, COO Michael Zagorsek, SVP Majid Emami and insider James Hom collectively sold approximately 285,863 shares at $6.33 per share. The filings identify tax withholding related to vested equity awards as the reason, reducing the bearish signal, although the insider selling may still weigh on sentiment. SoundHound AI Insider Buying and Selling

SoundHound AI Company Profile

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.