SoundHound AI (NASDAQ:SOUN) Trading Up 5.7% Following Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 5.7% on Monday after DA Davidson raised their price target on the stock from $9.50 to $13.00. DA Davidson currently has a buy rating on the stock. SoundHound AI traded as high as $11.66 and last traded at $11.44. 28,423,750 shares changed hands during trading, a decline of 49% from the average session volume of 55,743,930 shares. The stock had previously closed at $10.82.

SOUN has been the topic of several other reports. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, Northland Securities boosted their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $12.86.

Insider Activity

In other news, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the director now directly owns 451,756 shares of the company’s stock, valued at approximately $5,421,072. The trade was a 9.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $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 2,574,960 shares of company stock worth $43,545,727 over the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC increased its stake in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC bought a new stake in SoundHound AI during the fourth quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI during the fourth quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI during the fourth quarter worth approximately $40,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Down 5.8 %

The company has a 50 day simple moving average of $14.78 and a two-hundred day simple moving average of $10.02. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.82 billion, a P/E ratio of -27.00 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

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.