SoundHound AI (NASDAQ:SOUN) Raised to "Strong-Buy" at Northland Capmk

SoundHound AI (NASDAQ:SOUN - Get Free Report) was upgraded by investment analysts at Northland Capmk from a "hold" rating to a "strong-buy" rating in a report released on Friday,Zacks.com reports.

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SOUN has been the topic of a number of other reports. Wall Street Zen cut SoundHound AI from a "hold" rating to a "sell" rating in a report on Saturday. HC Wainwright decreased their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. DA Davidson decreased their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Wedbush upped their price target on SoundHound AI from $15.00 to $16.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Northland Securities upgraded SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price target on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $11.44.

Read Our Latest Stock Analysis on SOUN

SoundHound AI Stock Performance

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SOUN opened at $13.55 on Friday. SoundHound AI has a one year low of $4.32 and a one year high of $24.98. The stock has a market capitalization of $5.44 billion, a PE ratio of -21.51 and a beta of 2.57. The business's 50 day moving average price is $10.76 and its 200 day moving average price is $10.54.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 77.38%. The business had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. During the same quarter in the prior year, the company posted ($0.11) earnings per share. The company's revenue was up 216.3% on a year-over-year basis. As a group, equities research analysts forecast that SoundHound AI will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

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In other news, Director Diana Sroka sold 2,800 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total value of $27,832.00. Following the sale, the director directly owned 153,949 shares in the company, valued at approximately $1,530,253.06. This trade represents a 1.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 60,295 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $10.00, for a total value of $602,950.00. Following the completion of the sale, the vice president owned 477,657 shares in the company, valued at approximately $4,776,570. The trade was a 11.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently modified their holdings of the stock. Carnegie Investment Counsel increased its holdings in SoundHound AI by 8.9% in the first quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company's stock valued at $8,131,000 after buying an additional 87,810 shares during the last quarter. Thoroughbred Financial Services LLC increased its holdings in SoundHound AI by 38.4% in the first quarter. Thoroughbred Financial Services LLC now owns 113,475 shares of the company's stock valued at $921,000 after buying an additional 31,500 shares during the last quarter. Yarbrough Capital LLC purchased a new position in SoundHound AI in the first quarter valued at $1,258,000. Deutsche Bank AG increased its holdings in SoundHound AI by 64.2% in the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock valued at $5,249,000 after buying an additional 103,450 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in SoundHound AI by 308.4% in the first quarter. Victory Capital Management Inc. now owns 163,713 shares of the company's stock valued at $1,329,000 after buying an additional 123,623 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

About SoundHound AI

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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