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

SoundHound AI, Inc. (NASDAQ:SOUN) gapped up before the market opened on Thursday after HC Wainwright raised their price target on the stock from $7.00 to $8.00. The stock had previously closed at $6.27, but opened at $6.56. HC Wainwright currently has a buy rating on the stock. SoundHound AI shares last traded at $6.49, with a volume of 8,228,783 shares trading hands.

A number of other analysts have also recently issued reports on the company. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday. Finally, Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $7.64.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. This trade represents a 3.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. This trade represents a 2.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 327,275 shares of company stock worth $1,606,644. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently added to or reduced their stakes in the stock. Kings Path Partners LLC bought a new position in SoundHound AI during the 2nd quarter worth $28,000. NBC Securities Inc. increased its stake in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares during the period. International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter valued at $31,000. Farther Finance Advisors LLC increased its stake in shares of SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares during the last quarter. Finally, Amalgamated Bank increased its stake in shares of SoundHound AI by 108.0% in 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. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

The company has a 50 day moving average price of $5.30 and a 200-day moving average price of $4.95. The company has a current ratio of 2.58, a quick ratio of 8.77 and a debt-to-equity ratio of 0.13. The company has a market cap of $2.28 billion, a P/E ratio of -17.67 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results 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. 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 for the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the company posted ($0.09) EPS. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, equities analysts expect that SoundHound AI, Inc. will post -0.36 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.