HC Wainwright Lowers SoundHound AI (NASDAQ:SOUN) Price Target to $18.00

SoundHound AI (NASDAQ:SOUN) had its target price decreased by equities research analysts at HC Wainwright from $26.00 to $18.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target suggests a potential upside of 100.45% from the stock’s current price.

Other analysts have also issued research reports about the company. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. DA Davidson lowered their price target on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Wedbush lowered their target price on SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a report on Friday. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $10.29.

SoundHound AI Stock Down 7.8%

SoundHound AI stock opened at $8.98 on Monday. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of -24.94 and a beta of 2.71. The stock has a fifty day simple moving average of $8.88 and a two-hundred day simple moving average of $11.38. SoundHound AI has a 12 month low of $3.82 and a 12 month high of $24.98. 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 (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Equities analysts predict that SoundHound AI will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 138,895 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the transaction, the chief executive officer now directly owns 1,764,166 shares of the company’s stock, valued at $17,782,793.28. This trade represents a 7.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now directly owns 689,652 shares of the company’s stock, valued at $6,827,554.80. This represents a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last ninety days. Insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. raised 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 worth $25,000 after buying an additional 830 shares during the period. Sound Income Strategies LLC raised its holdings in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the period. Orion Capital Management LLC acquired a new position in shares of SoundHound AI during the 4th quarter worth $30,000. Golden State Wealth Management LLC increased its position in SoundHound AI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company’s stock worth $34,000 after buying an additional 2,115 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI during the 4th quarter valued at about $40,000. 19.28% of the stock is currently owned by institutional investors.

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.