Northland Securities Raises Price Target for SoundHound AI to $8.00

SoundHound AI (NASDAQ:SOUN) recently saw its price target increased by Northland Securities from $6.00 to $8.00. This adjustment was highlighted in a research note released to investors on Tuesday. Along with this new price target, Northland Securities has assigned the stock a ‘market perform’ rating.

The updated price target suggests that there could be a potential downside of 37.60% compared to the company's most recent closing price.

Other Analysts' Ratings

SoundHound AI has attracted attention from several analysts in the finance sector. Notably, Barclays recently reiterated a ‘neutral’ rating on the stock, setting its target price at $7.00. Additionally, HC Wainwright reaffirmed a ‘buy’ rating with a price objective of $26.00. Meanwhile, Wedbush raised its target price from $10.00 to $22.00 while also giving the stock an ‘outperform’ rating.

On November 13th, LADENBURG THALM/SH SH maintained their ‘neutral’ rating and issued a $7.00 price target, while DA Davidson reiterated a ‘buy’ rating with a price objective of $9.50 on September 30th. Currently, three analysts have rated SoundHound AI with a hold rating, whereas four have given it a buy rating. According to MarketBeat.com, the stock’s average rating stands at ‘Moderate Buy’, with a mean price target of $12.36.

Recent Stock Performance

As of Tuesday, SoundHound AI's shares opened at $12.82. The stock has experienced fluctuations, with a fifty-day simple moving average of $13.44 and a 200-day simple moving average of $7.90. The company holds a market capitalization of $4.74 billion and presents a PE ratio of -35.61 with a beta of 2.63. Over the past year, the stock has a low of $1.62 and a high of $24.98.

In its latest earnings report released on November 12th, SoundHound AI announced an earnings per share (EPS) of ($0.06), surpassing analysts’ expectations of ($0.07). The company reported revenue of $25.10 million, exceeding forecasts of $23.02 million, showing significant growth of 88.7% year-over-year. Nonetheless, it recorded a negative net margin of 163.58% and a negative return on equity of 55.58%.

Insider Activities

In addition to the stock performance, there have been notable exchanges among insiders. VP Majid Emami sold 37,459 shares at an average price of $20.30 on December 20th, totaling approximately $760,417.70. Post-sale, Emami retains 698,226 shares valued at around $14.17 million. Furthermore, Director Lawrence Marcus sold 30,000 shares at an average price of $7.15 on November 21st. Following this transaction, he holds 178,117 shares worth about $1.27 million. Recent insider sales totaled approximately 2.78 million shares valued at $45.39 million, with corporate insiders owning 12.28% of SoundHound AI's stock.

Institutional Investors' Involvement

The stock has also attracted institutional investors recently. SeaCrest Wealth Management LLC acquired a new position in SoundHound AI worth $944,000. Future Financial Wealth Management LLC and Kieckhefer Group LLC also bought stakes valued at $40,000 and approximately $3.43 million, respectively. ST Germain D J Co. Inc. increased their holdings by 33.2%, acquiring an additional 750 shares in the last quarter. Overall, institutional investors and hedge funds hold 19.28% of the company’s equity.

About SoundHound AI

SoundHound AI, Inc. specializes in developing voice artificial intelligence (AI) solutions tailored for diverse industries, including automotive, television, and Internet of Things (IoT). Their main offerings include the Houndify platform, which helps businesses create conversational voice assistants, and the SoundHound Smart Answering system, designed to enhance customer service interactions.

SoundHound, Investment, Stock