SoundHound AI (NASDAQ:SOUN) Trading 0.3% Higher on Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 0.3% during mid-day trading on Tuesday after HC Wainwright raised their price target on the stock from $8.00 to $26.00. HC Wainwright currently has a buy rating on the stock. SoundHound AI traded as high as $21.30 and last traded at $20.50. Approximately 36,540,655 shares were traded during trading, a decline of 10% from the average daily volume of 40,604,879 shares. The stock had previously closed at $20.43.

Other equities analysts have also issued reports about the company. DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Barclays reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush lifted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $12.07.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now directly owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Majid Emami sold 94,067 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,258,242 shares of company stock valued at $34,752,649. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kings Path Partners LLC bought a new stake in SoundHound AI in the second quarter valued at approximately $28,000. International Assets Investment Management LLC acquired a new position in shares of SoundHound AI during the 2nd quarter worth approximately $31,000. NBC Securities Inc. raised its stake 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 acquiring an additional 3,818 shares during the period. Amalgamated Bank lifted its holdings in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC boosted its position in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

The stock has a market capitalization of $7.48 billion, a price-to-earnings ratio of -56.22 and a beta of 3.03. The company’s fifty day simple moving average is $9.91 and its 200 day simple moving average is $6.54. 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 announced 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 business had revenue of $25.10 million during 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%. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.09) EPS. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.38 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.