SoundHound AI (NASDAQ:SOUN) Trading Up 2.9% Following Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 2.9% during trading 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 trading, a decline of 42% from the average daily volume of 34,340,629 shares. The stock had previously closed at $6.27.

SOUN has been the subject of a number of other reports. Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday. Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday. Three equities 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, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.64.

Insider Activity at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now owns 865,965 shares in the company, valued at $4,225,909.20. The trade was a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was 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 trade represents a 40.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock valued at $1,606,644 in the last 90 days. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in the company. Oppenheimer & Co. Inc. increased its position in shares of SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after acquiring an additional 1,887 shares during the period. Ameritas Investment Partners Inc. increased its position in shares of SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after acquiring an additional 2,000 shares during the period. Genesee Capital Advisors LLC boosted its holdings 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 purchasing an additional 2,000 shares during the last quarter. Signaturefd LLC boosted its holdings 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 purchasing an additional 2,000 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its holdings in SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Price Performance

The company has a market capitalization of $2.38 billion, a PE ratio of -18.42 and a beta of 2.71. The firm’s fifty day simple moving average is $5.26 and its 200 day simple moving average is $4.94.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating 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 73.21%. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the company earned ($0.09) earnings per share. The firm’s revenue was up 88.7% on a year-over-year basis. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.36 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.