SoundHound AI (NASDAQ:SOUN) Shares Up 5.9% After Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 5.9% during mid-day trading on Monday after Wedbush raised their price target on the stock from $10.00 to $22.00. Wedbush currently has an outperform rating on the stock. SoundHound AI traded as high as $18.17 and last traded at $17.90. 59,545,470 shares were traded during trading, an increase of 55% from the average session volume of 38,508,664 shares. The stock had previously closed at $16.91.

SOUN has been the subject of a number of other reports. HC Wainwright lifted their price target 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. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. 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 a consensus rating of “Moderate Buy” and an average target price of $9.50.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 90,641 shares of the firm’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 $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This trade represents a 3.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Majid Emami sold 368,662 shares of SoundHound AI stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $15.00, for a total transaction of $5,529,930.00. Following the completion of the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at $11,035,275. The trade was a 33.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,060,416 shares of company stock valued at $26,684,544 in the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently bought and sold shares of the company. Kings Path Partners LLC purchased a new stake in SoundHound AI in the 2nd quarter worth approximately $28,000. NBC Securities Inc. grew its stake in 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 acquiring an additional 3,818 shares during the period. International Assets Investment Management LLC purchased a new stake in SoundHound AI in the 2nd quarter worth approximately $31,000. Farther Finance Advisors LLC grew its stake in 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 acquiring an additional 6,716 shares during the period. Finally, Amalgamated Bank grew its stake in 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 acquiring an additional 5,099 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

The company’s 50 day moving average price is $7.78 and its 200-day moving average price is $5.80. The company has a market capitalization of $7.28 billion, a PE ratio of -54.69 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data 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 net margin of 163.58% and a negative return on equity of 55.58%. The company 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 earned ($0.09) EPS. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. 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.