SoundHound AI (NASDAQ:SOUN) Trading 8.8% Higher on Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 8.8% during trading on Wednesday after Northland Securities raised their price target on the stock from $6.00 to $8.00. Northland Securities currently has a market perform rating on the stock. SoundHound AI traded as high as $14.70 and last traded at $13.92. Approximately 37,876,769 shares were traded during trading, a decline of 42% from the average daily volume of 65,344,926 shares. The stock had previously closed at $12.79.

Several other equities research analysts have also recently issued reports on the stock. Barclays reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

Insider Transactions at SoundHound AI

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 shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the transaction, the director now owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lawrence Marcus sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the transaction, the director now 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,782,918 shares of company stock valued at $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of SOUN. Rhumbline Advisers raised its stake in shares of SoundHound AI by 106.6% during the 2nd quarter. Rhumbline Advisers now owns 360,167 shares of the company’s stock worth $1,423,000 after acquiring an additional 185,861 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of SoundHound AI by 9.0% during the 2nd quarter. Victory Capital Management Inc. now owns 36,511 shares of the company’s stock worth $144,000 after acquiring an additional 3,017 shares in the last quarter. Arizona State Retirement System raised its stake in shares of SoundHound AI by 32.9% during the 2nd quarter. Arizona State Retirement System now owns 72,667 shares of the company’s stock worth $287,000 after acquiring an additional 17,986 shares in the last quarter. Choreo LLC bought a new position in shares of SoundHound AI during the 2nd quarter worth approximately $49,000. Finally, Thoroughbred Financial Services LLC raised its stake in shares of SoundHound AI by 169.1% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 83,950 shares of the company’s stock worth $331,000 after acquiring an additional 52,750 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market cap of $5.14 billion, a price-to-earnings ratio of -38.58 and a beta of 2.63. The stock’s 50 day simple moving average is $13.59 and its 200-day simple moving average is $7.97.

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, 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 business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the prior year, the business posted ($0.09) EPS. SoundHound AI’s revenue for the quarter was up 88.7% compared to the same quarter last year. Equities research analysts anticipate 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.