SoundHound AI (NASDAQ:SOUN) Trading 2.9% Higher 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 mid-day 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 brokerages also recently weighed in on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday. Finally, Barclays reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday. 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, the company has an average rating of “Moderate Buy” and a consensus target price of $7.64.

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the transaction, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. This trade represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. This represents a 40.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 in the last ninety days. 12.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Oppenheimer & Co. Inc. grew its stake in shares of SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after buying an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC raised its stake in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after purchasing an additional 1,975 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in SoundHound AI by 17.3% in the first quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after purchasing an additional 2,000 shares in the last quarter. Genesee Capital Advisors LLC grew its position in SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Signaturefd LLC grew its position in SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after acquiring an additional 2,000 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Performance

The stock has a 50-day simple moving average of $5.30 and a 200-day simple moving average of $4.95. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 8.77. The stock has a market cap of $2.28 billion, a P/E ratio of -17.67 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the prior year, the company posted ($0.09) earnings per share. SoundHound AI’s revenue for the quarter was up 88.7% compared to the same quarter last year. Research analysts forecast that SoundHound AI, Inc. will post -0.36 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.