SoundHound AI, Inc. Earnings Estimate Downgraded for Q2 2024 by HC Wainwright Analysts

SoundHound AI, Inc. (NASDAQ:SOUN), a company known for its voice AI technology, has received updated earnings estimates from HC Wainwright analysts. In a recent report dated May 13th, analyst S. Buck adjusted the expected Q2 2024 earnings per share (EPS) to ($0.10), a decline from the prior projection of ($0.08). Despite the lowered earnings estimate, HC Wainwright maintains a "Buy" rating with a price target of $7.00 for SoundHound AI's stock.

Other Analyst Insights

In addition to HC Wainwright's report, several other research firms have also released their takes on SoundHound AI. Cantor Fitzgerald upgraded the firm from "underweight" to "neutral" with a price target of $4.90. Wedbush continues to endorse an "outperform" rating, raising their price target to $9.00 for SoundHound AI shares. Northland Securities repeated a "market perform" rating, while LADENBURG THALM/SH SH commenced coverage on the shares, endorsing a "buy" rating and a $4.00 price objective. Additionally, DA Davidson increased their target price from $7.50 to $9.50, maintaining a "buy" rating on the company's stock. The average analyst rating stands at "Moderate Buy" with an average price target of $6.88 according to MarketBeat data.

Company Performance and Insider Transactions

Opening at $5.11, NASDAQ listed SoundHound AI has experienced significant market movement. The company displays a market cap of approximately $1.58 billion, a P/E ratio of -13.45, and a beta of 2.87. It has reported a 52-week range between $1.49 and $10.25, with a trailing fifty-day simple moving average of $5.39 and a 200-day simple moving average of $3.51. SoundHound AI announced earnings of ($0.07) per share for their recent quarterly report, surpassing the consensus estimates by $0.02.

There has been notable insider trading, including sales by Director Eric R. Ball and CEO Keyvan Mohajer, totaling hundreds of thousands of dollars worth of shares. Insiders still retain a significant portion of company stock, with recent dealings disclosed in SEC filings.

Institutional Interest in SoundHound AI

SoundHound AI has seen varied interest from hedge funds and institutional investors, with several new stakes and portfolio adjustments reported in recent quarters. Firms like Independent Advisor Alliance, IAM Advisory LLC, Hexagon Capital Partners LLC, HighPoint Advisor Group LLC, and DecisionPoint Financial LLC have invested varying amounts into the company's stock, collectively owning around 19.28% of the company.

Overview of SoundHound AI's Business

SoundHound AI, Inc. is at the forefront of AI voice interaction technology, offering solutions that are utilized in automotive, television, IoT, and customer service industries to provide high-quality conversational experiences. Key offerings include the Houndify platform, with tools and APIs for constructing voice assistants; SoundHound Chat AI, which pulls real-time data for voice interactions; and SoundHound Smart Answering that serves customer establishments with custom AI voice assistants.

SoundHound, earnings, technology