SoundHound AI (NASDAQ:SOUN) Upgraded to Strong-Buy at LADENBURG THALM/SH SH

by · The Cerbat Gem

LADENBURG THALM/SH SH upgraded shares of SoundHound AI (NASDAQ:SOUN – Free Report) to a strong-buy rating in a research report report published on Thursday morning,Zacks.com reports.

A number of other equities research analysts have also weighed in on the stock. Wedbush reaffirmed an “outperform” rating and set a $16.00 price target on shares of SoundHound AI in a report on Thursday, September 11th. Piper Sandler upped their price objective on shares of SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Oppenheimer assumed coverage on SoundHound AI in a research note on Thursday, September 11th. They set a “market perform” rating for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Finally, HC Wainwright increased their price target on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.07.

Get Our Latest Stock Analysis on SoundHound AI

SoundHound AI Stock Performance

Shares of NASDAQ:SOUN opened at $11.02 on Thursday. The business’s 50-day simple moving average is $14.31 and its 200 day simple moving average is $13.38. The company has a market cap of $4.63 billion, a P/E ratio of -13.12 and a beta of 2.63. SoundHound AI has a one year low of $6.52 and a one year high of $24.98.

SoundHound AI (NASDAQ:SOUN – Get Free Report) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. The firm had revenue of $42.05 million during the quarter, compared to analysts’ expectations of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.SoundHound AI’s quarterly revenue was up 67.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.04) EPS. Analysts predict that SoundHound AI will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Michael Zagorsek sold 69,837 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the transaction, the chief operating officer owned 1,860,790 shares of the company’s stock, valued at approximately $29,772,640. This trade represents a 3.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 70,524 shares of SoundHound AI stock in a transaction dated 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 transaction, the chief technology officer owned 606,525 shares of the company’s stock, valued at $12,130,500. This trade represents a 10.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 787,260 shares of company stock worth $13,973,056. Company insiders own 9.17% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently made changes to their positions in SOUN. Swiss Life Asset Management Ltd raised its position in shares of SoundHound AI by 67.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 17,001 shares of the company’s stock valued at $273,000 after acquiring an additional 6,878 shares in the last quarter. KERR FINANCIAL PLANNING Corp acquired a new position in SoundHound AI in the third quarter worth $354,000. CIBC Bancorp USA Inc. bought a new stake in SoundHound AI during the third quarter valued at $628,000. WBI Investments LLC acquired a new stake in shares of SoundHound AI during the third quarter worth $887,000. Finally, Captrust Financial Advisors raised its holdings in shares of SoundHound AI by 136.0% during the third quarter. Captrust Financial Advisors now owns 215,091 shares of the company’s stock worth $3,459,000 after purchasing an additional 123,960 shares during the period. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

(Get Free Report)

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.

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