Piper Sandler Raises SoundHound AI (NASDAQ:SOUN) Price Target to $15.00

SoundHound AI (NASDAQ:SOUN) had its price target upped by analysts at Piper Sandler from $12.00 to $15.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 5.41% from the stock’s previous close.

Other research analysts also recently issued reports about the company. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and boosted their price target for the company from $9.00 to $16.00 in a report on Monday, August 11th. DA Davidson increased their price target on shares of SoundHound AI from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, September 10th. Northland Capmk raised shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a report on Friday, August 8th. Oppenheimer began coverage on shares of SoundHound AI in a research report on Thursday, September 11th. They issued a “market perform” rating for the company. Finally, Northland Securities upgraded SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price target for the company in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.93.

SoundHound AI Price Performance

NASDAQ SOUN opened at $14.23 on Friday. The stock’s fifty day moving average price is $16.64 and its 200 day moving average price is $12.90. SoundHound AI has a 1 year low of $5.86 and a 1 year high of $24.98. The company has a market cap of $5.80 billion, a price-to-earnings ratio of -22.59 and a beta of 2.60.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $42.05 million for the quarter, compared to the consensus estimate of $40.48 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The business’s revenue for the quarter was up 67.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.04) EPS. SoundHound AI has set its FY 2025 guidance at EPS. Research analysts expect that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 60,376 shares of the stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $21.21, for a total transaction of $1,280,574.96. Following the completion of the transaction, the chief financial officer owned 1,765,928 shares of the company’s stock, valued at $37,455,332.88. This represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 70,524 shares of SoundHound AI stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total value of $1,410,480.00. Following the completion of the sale, the chief technology officer directly owned 606,525 shares in the company, valued at $12,130,500. This represents a 10.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 785,917 shares of company stock worth $13,955,610 in the last quarter. Corporate insiders own 9.17% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently modified their holdings of the business. Sound Income Strategies LLC grew its stake in SoundHound AI by 37.3% during the 3rd quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock valued at $34,000 after acquiring an additional 575 shares in the last quarter. Investors Research Corp lifted its position in SoundHound AI by 62.4% during the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after buying an additional 700 shares in the last quarter. EP Wealth Advisors LLC boosted its stake in SoundHound AI by 5.3% during the second quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after buying an additional 706 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of SoundHound AI by 4.0% in the 2nd quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock worth $248,000 after acquiring an additional 880 shares during the last quarter. Finally, Apexium Financial LP raised its holdings in shares of SoundHound AI by 2.8% during the 2nd quarter. Apexium Financial LP now owns 36,698 shares of the company’s stock worth $394,000 after acquiring an additional 1,000 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.