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

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 8.8% during mid-day 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 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 weighed in on SOUN. Wedbush increased their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.36.

Insider Buying and Selling

In related news, Director Eric R. Ball sold 30,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the sale, the director now directly owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. This represents a 21.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the sale, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in the company. ST Germain D J Co. Inc. boosted its holdings in SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after buying an additional 750 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after purchasing an additional 1,975 shares in the last quarter. Signaturefd LLC lifted its holdings in SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the fourth quarter valued at $40,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Trading Up 8.6 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $5.14 billion, a PE ratio of -38.58 and a beta of 2.63. The company’s fifty day simple moving average is $13.59 and its 200-day simple moving average is $7.97.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue was up 88.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) earnings per share. As a group, sell-side 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.