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

SoundHound AI, Inc. (NASDAQ:SOUN) gapped up prior to trading on Monday after Wedbush raised their price target on the stock from $10.00 to $22.00. The stock had previously closed at $16.91, but opened at $17.65. Wedbush currently has an outperform rating on the stock. SoundHound AI shares last traded at $17.00, with a volume of 34,011,047 shares trading hands.

Several other equities research analysts have also commented on the stock. HC Wainwright boosted their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Barclays reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.50.

Insider Activity

In related news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the sale, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Timothy Stonehocker sold 20,337 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,060,416 shares of company stock worth $26,684,544. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Keynote Financial Services LLC bought a new stake in shares of SoundHound AI during the second quarter worth approximately $59,000. Silverleafe Capital Partners LLC bought a new stake in shares of SoundHound AI during the second quarter worth approximately $43,000. Planning Alternatives Ltd. ADV acquired a new position in SoundHound AI in the second quarter valued at about $129,000. Clear Creek Financial Management LLC grew its holdings in shares of SoundHound AI by 41.4% during the second quarter. Clear Creek Financial Management LLC now owns 71,874 shares of the company’s stock worth $284,000 after purchasing an additional 21,042 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Down 1.5 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market cap of $7.17 billion, a P/E ratio of -53.86 and a beta of 3.03. The firm’s 50 day moving average price is $8.07 and its two-hundred day moving average price is $5.90.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million for 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 business’s quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.09) earnings per share. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal 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.