SoundHound AI (NASDAQ:SOUN) Trading Up 1.9% After Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 1.9% during trading on Tuesday 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 $14.41 and last traded at $13.06. 33,202,065 shares were traded during trading, a decline of 49% from the average session volume of 64,571,602 shares. The stock had previously closed at $12.82.

SOUN has been the subject of a number of other reports. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note 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 research note on Wednesday, November 13th. Finally, Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.36.

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the completion of the transaction, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction that occurred 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 represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock valued at $45,391,343 over the last quarter. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its holdings in shares of SoundHound AI by 106.6% during the 2nd quarter. Rhumbline Advisers now owns 360,167 shares of the company’s stock worth $1,423,000 after buying an additional 185,861 shares during the period. Victory Capital Management Inc. increased its stake in shares of SoundHound AI by 9.0% during the second quarter. Victory Capital Management Inc. now owns 36,511 shares of the company’s stock worth $144,000 after purchasing an additional 3,017 shares during the period. Arizona State Retirement System boosted its stake in SoundHound AI by 32.9% in the 2nd quarter. Arizona State Retirement System now owns 72,667 shares of the company’s stock valued at $287,000 after purchasing an additional 17,986 shares during the period. Choreo LLC acquired a new position in SoundHound AI in the 2nd quarter valued at $49,000. Finally, Thoroughbred Financial Services LLC lifted its holdings in shares of SoundHound AI by 169.1% during the second quarter. Thoroughbred Financial Services LLC now owns 83,950 shares of the company’s stock worth $331,000 after buying an additional 52,750 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Price Performance

The firm has a market capitalization of $4.73 billion, a price-to-earnings ratio of -35.53 and a beta of 2.63. The company’s 50 day moving average is $13.59 and its 200 day moving average is $7.97. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the previous year, the company posted ($0.09) earnings per share. The firm’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, equities research analysts anticipate 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.