SoundHound AI (NASDAQ:SOUN) Trading Up 5.7% After Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 5.7% during mid-day trading on Monday after DA Davidson raised their price target on the stock from $9.50 to $13.00. DA Davidson currently has a buy rating on the stock. SoundHound AI traded as high as $11.66 and last traded at $11.44. Approximately 28,423,750 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 55,743,930 shares. The stock had previously closed at $10.82.

SOUN has been the subject of a number of other research reports. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Northland Securities increased their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.86.

Insider Buying and Selling at SoundHound AI

In other news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. This represents a 5.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James Ming Hom sold 53,891 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $10.00, for a total value of $538,910.00. Following the completion of the sale, the insider now owns 813,193 shares of the company’s stock, valued at $8,131,930. This trade represents a 6.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,628,851 shares of company stock valued at $44,084,637 over the last quarter. 12.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the stock. Kieckhefer Group LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $3,432,000. Charles Schwab Investment Management Inc. grew its position in SoundHound AI by 7.9% in the third 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 period. Oriental Harbor Investment Fund purchased a new position in SoundHound AI in the fourth quarter worth approximately $8,964,000. Geode Capital Management LLC grew its position in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the period. Finally, Wealth Effects LLC purchased a new position in SoundHound AI in the fourth quarter worth approximately $357,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Stock Down 4.6 %

The company has a market capitalization of $4.06 billion, a PE ratio of -28.67 and a beta of 2.56. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average of $14.99 and a two-hundred day moving average of $9.99.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The business had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share 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.