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

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped up prior to trading on Thursday after HC Wainwright raised their price target on the stock from $7.00 to $8.00. The stock had previously closed at $6.27, but opened at $6.56. HC Wainwright currently has a buy rating on the stock. SoundHound AI shares last traded at $6.49, with a volume of 8,228,783 shares traded.

Other analysts have also recently issued reports about the stock. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday. DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities raised their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average price target of $7.64.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. The trade was a 40.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. The trade was a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock valued at $1,606,644 in the last 90 days. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the company. Kings Path Partners LLC bought a new stake in shares of SoundHound AI in the 2nd quarter worth about $28,000. NBC Securities Inc. grew its holdings in shares of SoundHound AI by 97.8% in the 3rd 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 last quarter. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI in the 2nd quarter worth about $31,000. Farther Finance Advisors LLC grew its holdings in shares of SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

The company’s 50-day moving average is $5.26 and its 200-day moving average is $4.94. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of -18.42 and a beta of 2.71.

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, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 73.21%. The firm’s quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) EPS. On average, analysts predict that SoundHound AI, Inc. will post -0.36 EPS 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.