SoundHound AI (NASDAQ:SOUN) Trading 1.9% Higher on Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 1.9% during mid-day trading on Tuesday 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 $14.41 and last traded at $13.06. Approximately 33,202,065 shares changed hands during mid-day trading, a decline of 49% from the average daily volume of 64,571,602 shares. The stock had previously closed at $12.82.

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

Insider Activity

In other SoundHound AI news, Director Lawrence Marcus sold 20,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the transaction, the director now directly owns 108,117 shares in the company, valued at $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kieckhefer Group LLC acquired a new position in SoundHound AI in the fourth quarter worth $3,432,000. Charles Schwab Investment Management Inc. grew its holdings in SoundHound AI by 7.9% during the 3rd 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 last quarter. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the 3rd quarter valued at about $4,193,000. Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI in the fourth quarter worth about $8,964,000. Finally, Geode Capital Management LLC lifted its position in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $4.73 billion, a P/E ratio of -35.53 and a beta of 2.63. The company’s 50 day moving average price is $13.59 and its 200 day moving average price is $7.97.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results 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. The business had revenue of $25.10 million for 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%. The firm’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.09) earnings per share. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

SoundHound AI Company Profile

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.