SoundHound AI (NASDAQ:SOUN – Get Free Report)‘s stock had its “buy” rating reissued by HC Wainwright in a report released on Wednesday,Benzinga reports. They presently have a $18.00 price target on the stock. HC Wainwright’s price objective would indicate a potential upside of 15.16% from the company’s previous close.
A number of other equities research analysts also recently commented on SOUN. Wall Street Zen downgraded SoundHound AI from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 target price for the company in a report on Friday, August 8th. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. Oppenheimer initiated coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They set a “market perform” rating for the company. Finally, Northland Capmk upgraded shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $14.36.
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SoundHound AI Trading Up 3.4%
NASDAQ:SOUN opened at $15.63 on Wednesday. The company has a 50-day moving average of $12.94 and a 200-day moving average of $10.73. The firm has a market cap of $6.37 billion, a price-to-earnings ratio of -24.81 and a beta of 2.58. SoundHound AI has a twelve month low of $4.45 and a twelve month high of $24.98.
SoundHound AI (NASDAQ:SOUN – Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The business had revenue of $42.68 million during the quarter, compared to the consensus estimate of $32.88 million. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. The firm’s revenue for the quarter was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. On average, research analysts forecast that SoundHound AI will post -0.38 earnings per share for the current year.
Insider Buying and Selling at SoundHound AI
In other news, CTO Timothy Stonehocker sold 2,981 shares of the company’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total value of $28,856.08. Following the transaction, the chief technology officer owned 716,866 shares in the company, valued at $6,939,262.88. This represents a 0.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Majid Emami sold 60,295 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $10.00, for a total transaction of $602,950.00. Following the sale, the vice president owned 477,657 shares of the company’s stock, valued at approximately $4,776,570. This represents a 11.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,076 shares of company stock valued at $659,638 in the last 90 days. 9.17% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On SoundHound AI
Institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. increased its stake in shares of SoundHound AI by 14.0% in the second quarter. Osaic Holdings Inc. now owns 498,691 shares of the company’s stock worth $5,351,000 after acquiring an additional 61,212 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in SoundHound AI in the second quarter valued at about $157,000. Newbridge Financial Services Group Inc. increased its position in SoundHound AI by 6.3% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 31,050 shares of the company’s stock worth $333,000 after purchasing an additional 1,850 shares during the last quarter. Marex Group plc purchased a new stake in shares of SoundHound AI during the 2nd quarter worth about $3,728,000. Finally, Tyler Stone Wealth Management lifted its holdings in shares of SoundHound AI by 20.7% during the 2nd quarter. Tyler Stone Wealth Management now owns 32,190 shares of the company’s stock valued at $345,000 after buying an additional 5,510 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.
About SoundHound AI
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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.
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