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

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped up before the market opened on Monday after Wedbush raised their price target on the stock from $10.00 to $22.00. The stock had previously closed at $16.91, but opened at $17.65. Wedbush currently has an outperform rating on the stock. SoundHound AI shares last traded at $17.00, with a volume of 34,011,047 shares.

Several other research firms have also issued reports on SOUN. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright boosted their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $9.50.

Insider Buying and Selling

In other SoundHound AI news, Director Lawrence Marcus sold 25,000 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $14.00, for a total value of $350,000.00. Following the transaction, the director now directly owns 128,117 shares in the company, valued at $1,793,638. This represents a 16.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $7,189,811.36. This represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,060,416 shares of company stock worth $26,684,544. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of SOUN. Oppenheimer & Co. Inc. grew its stake in SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC raised its stake in shares of 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 in 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 purchasing an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its holdings in shares of SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares during the last quarter. Finally, Wolverine Asset Management LLC boosted its position in shares of SoundHound AI by 7.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after purchasing an additional 2,522 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Down 1.5 %

The stock has a market capitalization of $7.17 billion, a PE ratio of -53.86 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a 50 day moving average of $8.07 and a two-hundred day moving average of $5.90.

SoundHound AI (NASDAQ:SOUN) last released its earnings results 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 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 quarter in the previous year, the firm earned ($0.09) EPS. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS 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.