SoundHound AI (NASDAQ:SOUN) Trading 2.9% Higher Following Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 2.9% during mid-day trading on Thursday after HC Wainwright raised their price target on the stock from $7.00 to $8.00. HC Wainwright currently has a buy rating on the stock. SoundHound AI traded as high as $6.69 and last traded at $6.45. 19,929,881 shares were traded during trading, a decline of 42% from the average session volume of 34,340,629 shares. The stock had previously closed at $6.27.

A number of other research analysts have also weighed in on SOUN. Northland Securities raised their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $7.64.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the transaction, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This trade represents a 3.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the transaction, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 327,275 shares of company stock valued at $1,606,644. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

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

SoundHound AI Stock Performance

The firm has a market capitalization of $2.38 billion, a PE ratio of -18.42 and a beta of 2.71. The company’s 50-day moving average price is $5.26 and its 200-day moving average price is $4.94.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 73.21%. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the previous year, the company earned ($0.09) EPS. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current 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.