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

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped up prior to trading on Monday after Wedbush raised their price target on the stock from $10.00 to $22.00. The stock had previously closed at $16.91, but opened at $17.65. Wedbush currently has an outperform rating on the stock. SoundHound AI shares last traded at $17.00, with a volume of 34,011,047 shares changing hands.

A number of other brokerages have also recently commented on SOUN. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright boosted their target price on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.50.

Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction dated 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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the transaction, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,035,416 shares of company stock worth $26,334,544. 12.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently bought and sold shares of the stock. Kings Path Partners LLC bought a new position in SoundHound AI during the 2nd quarter valued at approximately $28,000. NBC Securities Inc. raised its position in shares of SoundHound AI by 97.8% in 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. International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the 2nd quarter worth approximately $31,000. Farther Finance Advisors LLC raised its position in shares of SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after acquiring an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of SoundHound AI by 108.0% in 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. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Price Performance

The stock has a market cap of $6.19 billion, a P/E ratio of -46.97 and a beta of 3.03. The firm has a 50-day moving average price of $7.48 and a 200-day moving average price of $5.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

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