DA Davidson Raises SoundHound AI (NASDAQ:SOUN) Price Target to $9.50

SoundHound AI (NASDAQ:SOUN) had its target price increased by DA Davidson from $7.50 to $9.50 in a research report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also issued reports on the stock. HC Wainwright upped their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a buy rating in a research report on Monday, March 4th. LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They set a buy rating and a $4.00 target price on the stock. Wedbush upped their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an outperform rating in a research report on Friday, March 1st. Cantor Fitzgerald increased their price objective on shares of SoundHound AI from $3.60 to $5.80 and gave the company an overweight rating in a report on Friday, March 1st. Finally, Northland Securities restated a market perform rating on shares of SoundHound AI in a report on Wednesday, February 28th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of Moderate Buy and a consensus price target of $7.06.

SoundHound AI Price Performance

SoundHound AI stock traded down $0.67 during trading hours on Friday, hitting $8.24. 89,332,682 shares of the stock were exchanged, compared to its average volume of 58,092,973. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69. The stock has a market capitalization of $2.55 billion, a P/E ratio of -20.97 and a beta of 2.84. SoundHound AI has a 12 month low of $1.49 and a 12 month high of $10.25. The business’s 50-day moving average is $3.57 and its two-hundred day moving average is $2.57.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The firm had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. During the same period in the prior year, the company posted ($0.15) earnings per share. SoundHound AI’s quarterly revenue was up 80.0% compared to the same quarter last year. Equities research analysts expect that SoundHound AI will post -0.29 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $7.00, for a total transaction of $350,000.00. Following the completion of the sale, the director now owns 333,117 shares in the company, valued at $2,331,819. The disclosure for this sale can be found here. Insiders have sold 265,678 shares of company stock worth $1,428,842 over the last ninety days. Company insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently made changes to their positions in SOUN. BlackRock Inc. increased its position in shares of SoundHound AI by 415.4% during the second quarter. BlackRock Inc. now owns 9,515,845 shares of the company’s stock worth $43,297,000 after acquiring an additional 7,669,606 shares in the last quarter. State Street Corp grew its position in SoundHound AI by 517.0% in the second quarter. State Street Corp now owns 2,716,747 shares of the company’s stock valued at $12,361,000 after purchasing an additional 2,276,465 shares in the last quarter. Vanguard Group Inc. grew its position in SoundHound AI by 18.6% in the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after purchasing an additional 2,064,340 shares in the last quarter. Nvidia Corp bought a new position in SoundHound AI in the fourth quarter valued at $3,669,000. Finally, Geode Capital Management LLC grew its position in SoundHound AI by 145.7% in the second quarter. Geode Capital Management LLC now owns 2,719,882 shares of the company’s stock valued at $12,375,000 after purchasing an additional 1,613,110 shares in the last quarter. Institutional investors own 26.96% of the company’s stock.

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.