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

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped up before the market opened on Monday after HC Wainwright raised their price target on the stock from $8.00 to $26.00. The stock had previously closed at $21.76, but opened at $22.70. HC Wainwright currently has a buy rating on the stock. SoundHound AI shares last traded at $20.00, with a volume of 27,616,465 shares traded.

Other equities analysts have also issued research reports about the stock. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

Insider Buying and Selling

In other news, Director Lawrence Marcus sold 25,000 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $14.00, for a total transaction of $350,000.00. Following the transaction, the director now owns 128,117 shares in the company, valued at approximately $1,793,638. The trade was a 16.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the transaction, the vice president now directly owns 735,685 shares of the company’s stock, valued at $6,657,949.25. This represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,258,242 shares of company stock valued at $34,752,649. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. bought a new stake in shares of SoundHound AI in the 3rd quarter worth approximately $177,000. Sanctuary Advisors LLC lifted its position in SoundHound AI by 13.8% in the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock worth $140,000 after purchasing an additional 3,642 shares during the period. Geode Capital Management LLC boosted its stake in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. MML Investors Services LLC bought a new stake in SoundHound AI in the 3rd quarter valued at $86,000. Finally, State Street Corp raised its stake in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Down 0.9 %

The company has a market capitalization of $7.48 billion, a P/E ratio of -56.22 and a beta of 3.03. The business’s fifty day moving average price is $9.32 and its 200 day moving average price is $6.34. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. 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 company earned ($0.09) earnings per share. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. As a group, equities research analysts predict 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.