SoundHound AI (NASDAQ:SOUN) Trading 5.9% Higher on Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 5.9% on Monday after Wedbush raised their price target on the stock from $10.00 to $22.00. Wedbush currently has an outperform rating on the stock. SoundHound AI traded as high as $18.17 and last traded at $17.90. Approximately 59,545,470 shares changed hands during trading, an increase of 55% from the average daily volume of 38,508,664 shares. The stock had previously closed at $16.91.

A number of other equities research analysts have also weighed in on SOUN. HC Wainwright boosted their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $9.50.

Insider Activity at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 298,086 shares of SoundHound AI stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $4,483,213.44. Following the completion of the transaction, the vice president now owns 735,685 shares in the company, valued at approximately $11,064,702.40. The trade was a 28.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $204,964.88. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $7,189,811.36. This trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,035,416 shares of company stock worth $26,334,544 in the last 90 days. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the company. Kings Path Partners LLC bought a new stake in SoundHound AI during the 2nd quarter valued at about $28,000. NBC Securities Inc. increased its position in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. International Assets Investment Management LLC purchased a new position in SoundHound AI in the 2nd quarter worth approximately $31,000. Farther Finance Advisors LLC lifted its position in SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after acquiring an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank boosted its stake in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Up 4.8 %

The stock has a fifty day simple moving average of $7.48 and a 200 day simple moving average of $5.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market cap of $6.56 billion, a P/E ratio of -49.72 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last issued 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 firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) EPS. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

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.