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

SoundHound AI, Inc. (NASDAQ:SOUN) shares gapped up prior to trading on Tuesday after Northland Securities raised their price target on the stock from $6.00 to $8.00. The stock had previously closed at $12.82, but opened at $13.56. Northland Securities currently has a market perform rating on the stock. SoundHound AI shares last traded at $14.11, with a volume of 14,003,609 shares.

Other research analysts have also issued research reports about the company. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright reissued a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday. Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a 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 report on Monday, September 30th. Finally, Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.36.

Insider Buying and Selling

In other SoundHound AI news, insider James Ming Hom sold 53,891 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $10.00, for a total value of $538,910.00. Following the completion of the sale, the insider now owns 813,193 shares in the company, valued at approximately $8,131,930. The trade was a 6.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 37,459 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $760,417.70. Following the sale, the vice president now directly owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 in the last quarter. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently made changes to their positions in SOUN. Rhumbline Advisers boosted its stake in shares of SoundHound AI by 106.6% during the second quarter. Rhumbline Advisers now owns 360,167 shares of the company’s stock valued at $1,423,000 after purchasing an additional 185,861 shares during the period. Victory Capital Management Inc. boosted 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 valued at $144,000 after purchasing an additional 3,017 shares during the period. Arizona State Retirement System boosted its stake in shares of SoundHound AI by 32.9% during the second 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 purchased a new stake in shares of SoundHound AI during the second quarter valued at approximately $49,000. Finally, Thoroughbred Financial Services LLC boosted its stake 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 valued at $331,000 after purchasing an additional 52,750 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

The stock has a market cap of $5.14 billion, a PE ratio of -38.58 and a beta of 2.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business has a 50 day moving average price of $13.59 and a two-hundred day moving average price of $7.97.

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 return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the firm posted ($0.09) earnings per share. The firm’s revenue was up 88.7% on a year-over-year basis. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS 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.