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

SoundHound AI, Inc. (NASDAQ:SOUN) gapped up before the market opened on Thursday after HC Wainwright raised their price target on the stock from $7.00 to $8.00. The stock had previously closed at $6.27, but opened at $6.56. HC Wainwright currently has a buy rating on the stock. SoundHound AI shares last traded at $6.49, with a volume of 8,228,783 shares traded.

SOUN has been the topic of a number of other reports. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday. Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday. Northland Securities upped their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.64.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $11,311,808.16. This represents a 2.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the sale, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. The trade was a 2.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 327,275 shares of company stock valued at $1,606,644. 12.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Kings Path Partners LLC bought a new position in shares of SoundHound AI during the 2nd quarter worth approximately $28,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI during the 2nd quarter worth approximately $31,000. NBC Securities Inc. grew its stake in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares in the last quarter. Amalgamated Bank grew its stake in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC grew its stake in shares of SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after acquiring an additional 2,200 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

SoundHound AI Trading Up 5.7 %

The company has a market capitalization of $2.38 billion, a P/E ratio of -18.42 and a beta of 2.71. The firm’s 50 day moving average price is $5.26 and its two-hundred day moving average price is $4.94.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS 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 the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 73.21% and a negative net margin of 163.58%. The firm’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. Analysts anticipate that SoundHound AI, Inc. will post -0.36 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.