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

SoundHound AI, Inc. (NASDAQ:SOUN) gapped up before the market opened 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 trading hands.

A number of other research firms also recently weighed in on SOUN. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Finally, HC Wainwright reissued a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

Insider Activity

In related news, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the transaction, the director now directly owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the sale, the director now directly owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 in the last three months. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. SeaCrest Wealth Management LLC bought a new stake in SoundHound AI in the 4th quarter valued at $944,000. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI in the fourth quarter worth about $40,000. Kieckhefer Group LLC purchased a new stake in shares of SoundHound AI in the fourth quarter worth about $3,432,000. ST Germain D J Co. Inc. boosted its stake in SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after buying an additional 750 shares during the last quarter. Finally, Oriental Harbor Investment Fund purchased a new position in SoundHound AI during the 4th quarter valued at approximately $8,964,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Trading Down 0.2 %

The firm has a market cap of $4.73 billion, a P/E ratio of -35.53 and a beta of 2.63. The stock has a 50 day simple moving average of $13.59 and a 200-day simple moving average of $7.97. 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 released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.38 EPS 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.