SoundHound AI (NASDAQ:SOUN) Trading Up 5.9% on Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 5.9% on Monday after Wedbush raised their price target on the stock from $10.00 to $22.00. Wedbush currently has an outperform rating on the stock. SoundHound AI traded as high as $18.17 and last traded at $17.90. Approximately 59,545,470 shares were traded during trading, an increase of 55% from the average daily volume of 38,508,664 shares. The stock had previously closed at $16.91.

SOUN has been the topic of several other reports. DA Davidson reiterated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. HC Wainwright raised their price objective on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH restated 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 assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.50.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 298,086 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $4,483,213.44. Following the sale, the vice president now owns 735,685 shares in the company, valued at approximately $11,064,702.40. The trade was a 28.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Michael Zagorsek sold 42,001 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $204,964.88. Following the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at approximately $7,189,811.36. The trade was a 2.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,060,416 shares of company stock worth $26,684,544. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Several large investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. lifted its position in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after acquiring an additional 1,887 shares during the period. Integrated Wealth Concepts LLC raised its holdings in SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after buying an additional 1,975 shares during the last quarter. Signaturefd LLC increased its position in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. increased its holdings in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Wolverine Asset Management LLC raised its position in SoundHound AI by 7.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock valued at $164,000 after buying an additional 2,522 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Performance

The company’s fifty day moving average price is $8.07 and its 200 day moving average price is $5.90. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market cap of $7.17 billion, a PE ratio of -53.86 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data 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. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) EPS. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current 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.