SoundHound AI (NASDAQ:SOUN) Trading Up 1.9% Following Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN) rose 1.9% on Tuesday 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 $14.41 and last traded at $13.06. Approximately 33,202,065 shares changed hands during trading, a decline of 49% from the average daily volume of 64,571,602 shares. The stock had previously closed at $12.82.

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

Insider Activity at SoundHound AI

In related news, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares in the company, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Majid Emami sold 94,067 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of the business. State Street Corp boosted its position in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares during the period. Geode Capital Management LLC boosted its position in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. lifted its position in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares during the period. Carnegie Investment Counsel bought a new position in SoundHound AI in the third quarter worth $4,193,000. Finally, Oriental Harbor Investment Fund bought a new position in SoundHound AI in the fourth quarter worth $8,964,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Performance

The stock has a market capitalization of $4.75 billion, a P/E ratio of -35.72 and a beta of 2.63. The firm has a 50-day moving average of $13.44 and a 200 day moving average of $7.90. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same period last year, the business earned ($0.09) earnings per share. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS 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.