SoundHound AI (NASDAQ:SOUN) Shares Gap Up on Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price gapped up before the market opened on Tuesday after Northland Securities raised their price target on the stock from $6.00 to $8.00. The stock had previously closed at $12.82, but opened at $13.56. Northland Securities currently has a market perform rating on the stock. SoundHound AI shares last traded at $14.11, with a volume of 14,003,609 shares changing hands.

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

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 57,761 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $1,172,548.30. Following the transaction, the chief financial officer now directly owns 1,502,650 shares in the company, valued at approximately $30,503,795. This trade represents a 3.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,782,918 shares of company stock worth $45,391,343. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently made changes to their positions in the business. Wealthcare Advisory Partners LLC raised its stake in shares of SoundHound AI by 55.3% during the 4th quarter. Wealthcare Advisory Partners LLC now owns 23,389 shares of the company’s stock worth $464,000 after purchasing an additional 8,329 shares during the period. Kraematon Investment Advisors Inc. bought a new stake in shares of SoundHound AI during the 4th quarter worth $355,000. Carnegie Investment Counsel raised its stake in shares of SoundHound AI by 9.1% during the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after purchasing an additional 82,300 shares during the period. Hennion & Walsh Asset Management Inc. bought a new stake in shares of SoundHound AI during the 4th quarter worth $756,000. Finally, SeaCrest Wealth Management LLC bought a new stake in shares of SoundHound AI during the 4th quarter worth $944,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Up 8.6 %

The stock has a 50 day moving average price of $13.59 and a 200 day moving average price of $7.97. The company has a market capitalization of $5.14 billion, a P/E ratio of -38.58 and a beta of 2.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the firm posted ($0.09) EPS. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. Equities research analysts forecast 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.