SoundHound AI (NASDAQ:SOUN) Trading 1.9% Higher Following Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 1.9% during mid-day trading on Tuesday after Northland Securities raised their price target on the stock from $6.00 to $8.00. Northland Securities currently has a market perform rating on the stock. SoundHound AI traded as high as $14.41 and last traded at $13.06. 33,202,065 shares were traded during mid-day trading, a decline of 49% from the average session volume of 64,571,602 shares. The stock had previously closed at $12.82.

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

Insider Activity at SoundHound AI

In related news, VP Majid Emami sold 368,662 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $15.00, for a total transaction of $5,529,930.00. Following the transaction, the vice president now directly owns 735,685 shares in the company, valued at $11,035,275. This trade represents a 33.38 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents 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 valued at $45,391,343. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently bought and sold shares of the stock. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. ST Germain D J Co. Inc. increased its stake in shares of SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after buying an additional 750 shares during the period. NBC Securities Inc. increased its stake in shares of SoundHound AI by 97.8% during 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 period. Farther Finance Advisors LLC increased its stake in shares of SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after buying an additional 6,716 shares during the period. Finally, Amalgamated Bank increased its stake in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Up 8.6 %

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 $5.14 billion, a PE ratio of -38.58 and a beta of 2.63. The company has a 50 day moving average price of $13.59 and a 200-day moving average price of $7.97.

SoundHound AI (NASDAQ:SOUN) last posted its 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. The firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations 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 was up 88.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.09) earnings per share. As a group, 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.