SoundHound AI (NASDAQ:SOUN) Stock Price Up 8.8% After Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 8.8% 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. Approximately 37,876,769 shares traded hands during mid-day trading, a decline of 42% from the average daily volume of 65,344,926 shares. The stock had previously closed at $12.79.

SOUN has been the topic of a number of other reports. HC Wainwright reissued a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a report on Monday. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reiterated 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 reaffirmed a “buy” rating and issued a $9.50 price target 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 note on Monday, December 16th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $12.36.

Insider Activity

In other SoundHound AI news, Director Eric R. Ball sold 30,000 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares in the company, valued at approximately $890,583.21. This trade represents a 21.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the sale, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,782,918 shares of company stock valued at $45,391,343. Insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. NBC Securities Inc. raised its position in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares during the period. Amalgamated Bank increased its stake in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI during the fourth quarter worth $40,000. Farther Finance Advisors LLC lifted its stake in shares of SoundHound AI by 298.5% in the third 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 in the last quarter. Finally, Sei Investments Co. acquired a new position in shares of SoundHound AI during the second quarter valued at about $43,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Up 0.6 %

The company has a market capitalization of $5.17 billion, a P/E ratio of -38.81 and a beta of 2.63. 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’s 50-day moving average price is $13.76 and its 200 day moving average price is $8.01.

SoundHound AI (NASDAQ:SOUN) last issued 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. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.09) earnings per share. As a group, equities research analysts predict 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.