SoundHound AI (NASDAQ:SOUN) Trading 8.8% Higher After Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUNGet Free Report) was up 8.8% during trading on Wednesday after Northland Securities raised their price target on the stock from $6.00 to $8.00. Northland Securities currently has a market perform rating on the stock. SoundHound AI traded as high as $14.70 and last traded at $13.92. Approximately 37,876,769 shares changed hands during mid-day trading, a decline of 42% from the average daily volume of 65,344,926 shares. The stock had previously closed at $12.79.

A number of other analysts have also commented on SOUN. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, HC Wainwright restated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

Check Out Our Latest Research Report on SOUN

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. This trade represents a 14.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock valued at $45,391,343 over the last three months. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. Rhumbline Advisers increased its position in shares of SoundHound AI by 106.6% during the second quarter. Rhumbline Advisers now owns 360,167 shares of the company’s stock worth $1,423,000 after acquiring an additional 185,861 shares in the last quarter. Victory Capital Management Inc. increased its holdings in SoundHound AI by 9.0% during the 2nd quarter. Victory Capital Management Inc. now owns 36,511 shares of the company’s stock worth $144,000 after purchasing an additional 3,017 shares in the last quarter. Choreo LLC acquired a new stake in shares of SoundHound AI in the 2nd quarter valued at about $49,000. Amalgamated Bank lifted its holdings in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of SoundHound AI by 928.9% during the second quarter. Hsbc Holdings PLC now owns 155,975 shares of the company’s stock worth $613,000 after buying an additional 140,815 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

The firm has a market cap of $5.17 billion, a price-to-earnings ratio of -38.81 and a beta of 2.63. The stock has a 50-day moving average of $13.76 and a 200-day moving average of $8.01. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUNGet Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the company earned ($0.09) earnings per share. The firm’s revenue was up 88.7% compared to the same quarter last year. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

About SoundHound AI

(Get Free Report)

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.

Further Reading

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