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

SoundHound AI, Inc. (NASDAQ:SOUN) shares gapped up prior to trading on Monday after HC Wainwright raised their price target on the stock from $8.00 to $26.00. The stock had previously closed at $21.76, but opened at $22.70. HC Wainwright currently has a buy rating on the stock. SoundHound AI shares last traded at $20.00, with a volume of 27,616,465 shares trading hands.

A number of other research analysts have also issued reports on the company. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $12.07.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the business’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 $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Zagorsek sold 138,906 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $17.63, for a total value of $2,448,912.78. Following the sale, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at approximately $25,974,666.86. This trade represents a 8.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,258,242 shares of company stock valued at $34,752,649 in the last three months. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of the company. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI in the second quarter worth $28,000. International Assets Investment Management LLC bought a new stake in SoundHound AI during the 2nd quarter worth approximately $31,000. NBC Securities Inc. raised its holdings in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares during the last quarter. Amalgamated Bank lifted its position in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC boosted its position in SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after buying an additional 2,200 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Performance

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 stock has a market capitalization of $7.55 billion, a price-to-earnings ratio of -56.75 and a beta of 3.03. The stock has a 50-day moving average of $9.01 and a 200 day moving average of $6.23.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter last year, the business earned ($0.09) earnings per share. The company’s revenue was up 88.7% compared to the same quarter last year. On average, analysts expect that SoundHound AI, Inc. will post -0.38 EPS 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.