SoundHound AI (NASDAQ:SOUN) Trading 8.8% Higher on Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price shot up 8.8% during mid-day trading on Wednesday 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 $14.70 and last traded at $13.92. 37,876,769 shares were traded during mid-day trading, a decline of 42% from the average session volume of 65,344,926 shares. The stock had previously closed at $12.79.

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

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. This represents a 14.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now owns 735,685 shares of the company’s stock, valued at $6,657,949.25. This represents a 11.34 % 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 worth $45,391,343. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp increased its position in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares during the last quarter. Geode Capital Management LLC increased its position in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares during the period. Carnegie Investment Counsel boosted its holdings in shares of SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after buying an additional 82,300 shares during the last quarter. Finally, Oriental Harbor Investment Fund bought a new stake in SoundHound AI during the fourth quarter valued at approximately $8,964,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Trading Up 5.3 %

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $4.98 billion, a PE ratio of -37.42 and a beta of 2.63. The stock’s fifty day simple moving average is $13.59 and its 200 day simple moving average is $7.97.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping 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 firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.09) EPS. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share 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.