Wall Street Zen upgraded shares of SoundHound AI (NASDAQ:SOUN – Free Report) from a strong sell rating to a sell rating in a report published on Saturday,Wall Street Zen reports.
SOUN has been the subject of several other research reports. Weiss Ratings upgraded SoundHound AI from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 15th. Piper Sandler reduced their price target on SoundHound AI from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, September 22nd. DA Davidson lowered their price target on SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Yorkville Ives began coverage on SoundHound AI in a report on Monday, October 5th. They issued an “in-line” rating and a $6.50 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $11.50.
Check Out Our Latest Analysis on SoundHound AI
SoundHound AI Stock Performance
SOUN stock opened at $4.43 on Friday. SoundHound AI has a one year low of $4.35 and a one year high of $19.09. The firm’s fifty day moving average is $6.06 and its 200 day moving average is $6.89. The firm has a market cap of $1.97 billion, a PE ratio of -11.66 and a beta of 2.73.
SoundHound AI (NASDAQ:SOUN – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. SoundHound AI had a negative net margin of 67.45% and a negative return on equity of 30.22%. The business had revenue of $61.90 million during the quarter, compared to the consensus estimate of $52.38 million. During the same quarter in the prior year, the firm posted ($0.19) earnings per share. The company’s revenue was up 45.0% compared to the same quarter last year. Research analysts predict that SoundHound AI will post -0.40 earnings per share for the current fiscal year.
Insider Activity at SoundHound AI
In other news, COO Michael Zagorsek sold 71,113 shares of SoundHound AI stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total value of $450,145.29. Following the sale, the chief operating officer owned 2,600,231 shares in the company, valued at $16,459,462.23. This trade represents a 2.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Keyvan Mohajer sold 137,290 shares of SoundHound AI stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total transaction of $869,045.70. Following the completion of the sale, the chief executive officer owned 3,684,947 shares in the company, valued at approximately $23,325,714.51. This trade represents a 3.59% decrease in their position. 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. In the last three months, insiders sold 288,758 shares of company stock valued at $1,828,598. 8.84% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Swiss National Bank raised its stake in SoundHound AI by 3.7% in the 1st quarter. Swiss National Bank now owns 767,100 shares of the company’s stock valued at $5,270,000 after purchasing an additional 27,300 shares during the last quarter. California State Teachers Retirement System raised its position in shares of SoundHound AI by 25.0% in the first quarter. California State Teachers Retirement System now owns 440,023 shares of the company’s stock valued at $3,023,000 after buying an additional 87,998 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in shares of SoundHound AI by 3.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 179,327 shares of the company’s stock valued at $1,788,000 after buying an additional 6,096 shares during the last quarter. AXQ Capital LP raised its position in shares of SoundHound AI by 395.6% in the second quarter. AXQ Capital LP now owns 254,744 shares of the company’s stock valued at $1,648,000 after buying an additional 203,345 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of SoundHound AI in the first quarter worth about $1,606,000. 19.28% of the stock is owned by hedge funds and other institutional investors.
About SoundHound AI
SoundHound AI, Inc develops voice artificial intelligence and conversational intelligence technologies. Its platform is designed to enable people to interact with devices, applications and services using natural language, with capabilities including speech recognition, language understanding and conversational response generation.
The company’s offerings include the Houndify platform, which businesses can use to create branded voice assistants and conversational interfaces. SoundHound AI also provides voice-enabled solutions for industries such as automotive, restaurants and customer service, allowing users to access information, control functions, place orders and engage with businesses through voice interactions.
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