SoundHound AI, Inc. (NASDAQ:SOUN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

SoundHound AI, Inc. (NASDAQ:SOUN) has earned an average rating of “Moderate Buy” from the nine analysts that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $13.60.

Several research firms have recently commented on SOUN. Piper Sandler lowered their target price on shares of SoundHound AI from $8.00 to $7.00 and set a “neutral” rating on the stock in a 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 Saturday. DA Davidson reduced their price target on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th.

SoundHound AI Trading Down 5.2%

Shares of SOUN opened at $7.04 on Tuesday. The business’s 50 day moving average is $6.70 and its 200 day moving average is $7.46. SoundHound AI has a 12-month low of $5.65 and a 12-month high of $22.17. The company has a market capitalization of $3.13 billion, a PE ratio of -18.53 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share 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 business had revenue of $61.90 million during the quarter, compared to the consensus estimate of $52.38 million. During the same period in the prior year, the company posted ($0.19) EPS. The firm’s revenue for the quarter was up 45.0% compared to the same quarter last year. Equities research analysts predict that SoundHound AI will post -0.33 earnings per share for the current year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 126,540 shares of SoundHound AI stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $943,988.40. Following the sale, the chief executive officer owned 1,947,237 shares of the company’s stock, valued at $14,526,388.02. The trade was a 6.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Timothy Stonehocker sold 18,802 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $140,262.92. Following the completion of the transaction, the chief technology officer directly owned 502,290 shares of the company’s stock, valued at approximately $3,747,083.40. This trade represents a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 268,022 shares of company stock valued at $1,999,444 in the last ninety days. Company insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in SOUN. Morgan Stanley lifted its holdings in shares of SoundHound AI by 48.1% in the 4th quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock valued at $89,606,000 after acquiring an additional 2,917,280 shares during the last quarter. UBS Group AG raised its position in SoundHound AI by 77.6% during the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after purchasing an additional 2,676,707 shares during the period. Voloridge Investment Management LLC raised its position in SoundHound AI by 2,259.7% during the fourth quarter. Voloridge Investment Management LLC now owns 2,199,511 shares of the company’s stock valued at $21,929,000 after purchasing an additional 2,106,298 shares during the period. Vanguard Group Inc. lifted its stake in shares of SoundHound AI by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock valued at $452,313,000 after purchasing an additional 1,909,868 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of SoundHound AI in the 3rd quarter valued at approximately $21,679,000. 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.