SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.3% Following Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 0.3% during mid-day trading on Tuesday after HC Wainwright raised their price target on the stock from $8.00 to $26.00. HC Wainwright currently has a buy rating on the stock. SoundHound AI traded as high as $21.30 and last traded at $20.50. Approximately 36,540,655 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 40,604,879 shares. The stock had previously closed at $20.43.

A number of other equities research analysts also recently weighed in on SOUN. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Finally, Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Three 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

Insider Activity

In related news, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares in the company, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,258,242 shares of company stock worth $34,752,649. 12.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its position in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares in the last quarter. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI in the 3rd quarter valued at about $4,193,000. FMR LLC boosted its position in shares of SoundHound AI by 112.8% during the third quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after buying an additional 25,989 shares during the period. Intech Investment Management LLC bought a new position in shares of SoundHound AI during the third quarter worth about $305,000. Finally, Victory Capital Management Inc. raised its position in SoundHound AI by 230.9% in the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after buying an additional 84,301 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a 50 day simple moving average of $9.32 and a 200 day simple moving average of $6.34. The stock has a market cap of $7.48 billion, a P/E ratio of -56.22 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.09) EPS. 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.