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

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 2.9% during 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.

Several other research firms have also recently commented on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Wedbush reissued an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday. Finally, Northland Securities boosted their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. 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, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.64.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. This represents a 1.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. This represents a 2.69 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 327,275 shares of company stock valued at $1,606,644. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. grew its holdings in SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after acquiring an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after acquiring an additional 1,975 shares during the last quarter. Ameritas Investment Partners Inc. grew its holdings in SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock worth $80,000 after acquiring an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC grew its holdings in SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in SoundHound AI by 19.5% during the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Down 4.1 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 8.77 and a current ratio of 2.58. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -17.67 and a beta of 2.71. The business’s 50-day simple moving average is $5.30 and its 200-day simple moving average is $4.95.

SoundHound AI (NASDAQ:SOUN) last released its earnings results 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 company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the prior year, the company posted ($0.09) EPS. The company’s revenue was up 88.7% compared to the same quarter last year. On average, research analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal 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.