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

SoundHound AI, Inc. (NASDAQ:SOUN) gapped up before the market opened on Tuesday after Northland Securities raised their price target on the stock from $6.00 to $8.00. The stock had previously closed at $12.82, but opened at $13.56. Northland Securities currently has a market perform rating on the stock. SoundHound AI shares last traded at $14.11, with a volume of 14,003,609 shares changing hands.

Several other research firms have also commented on SOUN. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. 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. Finally, HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.36.

Insider Buying and Selling

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock worth $45,391,343 in the last ninety days. 12.28% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the stock. Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at about $40,000. ST Germain D J Co. Inc. lifted its holdings in shares of SoundHound AI by 33.2% in the 4th 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. lifted its holdings in shares of 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. Farther Finance Advisors LLC lifted its holdings in shares of SoundHound AI by 298.5% in the 3rd 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 lifted its holdings in shares of SoundHound AI by 108.0% in the 2nd 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. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Up 10.1 %

The company has a market cap of $5.22 billion, a price-to-earnings ratio of -39.19 and a beta of 2.63. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The business has a fifty day moving average of $13.44 and a two-hundred day moving average of $7.90.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million during 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%. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 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.