SoundHound AI (NASDAQ:SOUN) Price Target Raised to $17.00

by · The Cerbat Gem

SoundHound AI (NASDAQ:SOUN – Free Report) had its price objective raised by DA Davidson from $15.00 to $17.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also issued reports on SOUN. Wall Street Zen lowered SoundHound AI from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Piper Sandler reissued a “neutral” rating and issued a $12.00 price objective on shares of SoundHound AI in a research note on Monday, July 14th. LADENBURG THALM/SH SH raised SoundHound AI from a “neutral” rating to a “buy” rating and raised their price objective for the company from $9.00 to $16.00 in a research note on Monday, August 11th. Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price objective on the stock in a research note on Friday, August 8th. Finally, Wedbush raised their price objective on SoundHound AI from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, August 8th. One research 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’s stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $14.36.

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SoundHound AI Price Performance

Shares of SoundHound AI stock opened at $14.12 on Wednesday. The firm has a market cap of $5.76 billion, a price-to-earnings ratio of -22.41 and a beta of 2.58. SoundHound AI has a 52-week low of $4.45 and a 52-week high of $24.98. The stock has a 50-day simple moving average of $12.73 and a 200-day simple moving average of $10.59.

SoundHound AI (NASDAQ:SOUN – Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The firm had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The firm’s quarterly revenue was up 216.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that SoundHound AI will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 79,530 shares of SoundHound AI stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $744,400.80. Following the transaction, the vice president directly owned 537,952 shares of the company’s stock, valued at $5,035,230.72. The trade was a 12.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Michael Zagorsek sold 117,180 shares of SoundHound AI stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,096,804.80. Following the completion of the transaction, the chief operating officer directly owned 1,346,455 shares in the company, valued at approximately $12,602,818.80. This represents a 8.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 780,965 shares of company stock worth $7,350,999. 9.17% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock worth $284,687,000 after purchasing an additional 3,028,281 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of SoundHound AI by 84.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock worth $40,390,000 after purchasing an additional 2,274,105 shares in the last quarter. HRT Financial LP acquired a new stake in shares of SoundHound AI during the 2nd quarter worth approximately $11,914,000. Goldman Sachs Group Inc. grew its holdings in shares of SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after purchasing an additional 1,085,473 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of SoundHound AI during the 1st quarter worth approximately $7,406,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Company Profile

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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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