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

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped up before the market opened 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 changing hands.

Other research analysts also recently issued research reports about the stock. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, HC Wainwright increased their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $9.50.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the sale, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. This represents a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 298,086 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $4,483,213.44. Following the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $11,064,702.40. This represents a 28.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,060,416 shares of company stock valued at $26,684,544. Insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp lifted its position in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of 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 worth $3,940,000 after acquiring an additional 479,912 shares during the period. Finally, Carnegie Investment Counsel bought a new position in shares of SoundHound AI in the third quarter worth about $4,193,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Performance

The stock has a market cap of $7.28 billion, a P/E ratio of -54.69 and a beta of 3.03. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $7.78 and a two-hundred day moving average price of $5.80.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.09) earnings per share. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share 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.