SoundHound AI (NASDAQ:SOUN) Shares Up 2.9% Following Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 2.9% on Thursday after HC Wainwright raised their price target on the stock from $7.00 to $8.00. HC Wainwright currently has a buy rating on the stock. SoundHound AI traded as high as $6.69 and last traded at $6.45. Approximately 19,929,881 shares changed hands during trading, a decline of 42% from the average daily volume of 34,340,629 shares. The stock had previously closed at $6.27.

A number of other equities research analysts have also issued reports on the company. Wedbush reaffirmed an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday. Finally, Northland Securities increased their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $7.64.

Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 90,641 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at $11,529,936.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the transaction, the insider now owns 865,965 shares in the company, valued at $4,225,909.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 327,275 shares of company stock valued at $1,606,644. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Janney Montgomery Scott LLC acquired a new position in shares of SoundHound AI during the first quarter valued at about $109,000. Concurrent Investment Advisors LLC acquired a new position in SoundHound AI in the 1st quarter valued at approximately $199,000. Avantax Advisory Services Inc. acquired a new stake in shares of SoundHound AI during the 1st quarter worth approximately $63,000. ARK & TLK Investments LLC bought a new stake in shares of SoundHound AI during the first quarter valued at approximately $74,000. Finally, Viawealth LLC acquired a new position in shares of SoundHound AI in the first quarter valued at $65,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Up 2.9 %

The stock has a market capitalization of $2.31 billion, a P/E ratio of -17.92 and a beta of 2.71. The firm has a 50-day moving average of $5.21 and a 200 day moving average of $4.93.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 73.21%. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. Analysts predict that SoundHound AI, Inc. will post -0.36 EPS 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.