SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) has received a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $13.00.
A number of equities analysts have weighed in on SOUN shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a research report on Monday, June 15th. DA Davidson lowered their price objective 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. Piper Sandler cut their price objective on shares of SoundHound AI from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Thursday, August 6th. Finally, Wall Street Zen cut shares of SoundHound AI from a “sell” rating to a “strong sell” rating in a report on Saturday, September 5th.
View Our Latest Research Report on SoundHound AI
SoundHound AI Price Performance
SoundHound AI (NASDAQ:SOUN – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the company earned ($0.19) earnings per share. SoundHound AI’s quarterly revenue was up 45.0% on a year-over-year basis. Equities analysts expect that SoundHound AI will post -0.33 EPS for the current year.
Insider Activity
In other SoundHound AI news, CEO Keyvan Mohajer sold 126,540 shares of the firm’s 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 completion of the transaction, the chief executive officer directly owned 1,947,237 shares in the company, valued at $14,526,388.02. This trade represents a 6.10% decrease in their ownership of the stock. The transaction 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, insider James Hom sold 28,843 shares of the business’s 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 $215,168.78. Following the transaction, the insider directly owned 743,521 shares in the company, valued at $5,546,666.66. This trade represents a 3.73% 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. Over the last ninety days, insiders sold 269,365 shares of company stock worth $2,009,047. 8.84% of the stock is currently owned by company insiders.
Institutional Trading of SoundHound AI
Hedge funds have recently made changes to their positions in the business. NewEdge Advisors LLC raised its holdings in SoundHound AI by 38.1% in the 2nd quarter. NewEdge Advisors LLC now owns 132,072 shares of the company’s stock valued at $855,000 after acquiring an additional 36,415 shares during the period. IFP Advisors Inc increased its position in shares of SoundHound AI by 10.7% in the second quarter. IFP Advisors Inc now owns 32,748 shares of the company’s stock worth $212,000 after purchasing an additional 3,163 shares during the period. Allworth Financial LP raised its position in shares of SoundHound AI by 12.7% in the 2nd quarter. Allworth Financial LP now owns 22,539 shares of the company’s stock valued at $146,000 after buying an additional 2,537 shares in the last quarter. Waverly Advisors LLC raised its position in SoundHound AI by 6.9% during the second quarter. Waverly Advisors LLC now owns 64,132 shares of the company’s stock valued at $415,000 after purchasing an additional 4,138 shares in the last quarter. Finally, Nykredit A S acquired a new position in shares of SoundHound AI during the 2nd quarter worth $165,000. 19.28% of the stock is owned by institutional investors and hedge funds.
About SoundHound AI
SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.
The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.
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