SoundHound AI (NASDAQ:SOUN) Trading Up 0.3% After Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 0.3% on Tuesday after HC Wainwright raised their price target on the stock from $8.00 to $26.00. HC Wainwright currently has a buy rating on the stock. SoundHound AI traded as high as $21.30 and last traded at $20.50. Approximately 36,540,655 shares were traded during mid-day trading, a decline of 10% from the average daily volume of 40,604,879 shares. The stock had previously closed at $20.43.

A number of other equities research analysts also recently weighed in on the stock. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush increased their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Barclays restated 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 price target on shares of SoundHound AI in a report on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average price target of $12.07.

Insider Transactions at SoundHound AI

In other news, Director Lawrence Marcus sold 25,000 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $14.00, for a total value of $350,000.00. Following the completion of the sale, the director now owns 128,117 shares in the company, valued at $1,793,638. This represents a 16.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,258,242 shares of company stock valued at $34,752,649 over the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the business. Kings Path Partners LLC purchased a new position in SoundHound AI during the 2nd quarter valued at about $28,000. International Assets Investment Management LLC purchased a new position in SoundHound AI during the second quarter valued at approximately $31,000. NBC Securities Inc. increased its stake in SoundHound AI by 97.8% in the 3rd 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. Amalgamated Bank lifted its position in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC lifted its position in SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after buying an additional 2,200 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Stock Down 0.6 %

The business’s 50 day simple moving average is $9.32 and its 200-day simple moving average is $6.34. 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 market cap of $7.51 billion, a price-to-earnings ratio of -56.39 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last released 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. 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 analysts’ expectations of $23.02 million. During the same quarter last year, the firm earned ($0.09) earnings per share. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. Sell-side analysts expect 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.