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

SoundHound AI, Inc. (NASDAQ:SOUN) shares gapped up before the market opened on Monday after HC Wainwright raised their price target on the stock from $8.00 to $26.00. The stock had previously closed at $21.76, but opened at $22.70. HC Wainwright currently has a buy rating on the stock. SoundHound AI shares last traded at $20.00, with a volume of 27,616,465 shares.

Several other research analysts also recently commented on SOUN. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a 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 research report on Monday, September 30th. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Finally, Barclays reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $12.07.

Insider Activity

In other SoundHound AI news, COO Michael Zagorsek sold 138,906 shares of SoundHound AI stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $17.63, for a total transaction of $2,448,912.78. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $25,974,666.86. The trade was a 8.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,258,242 shares of company stock worth $34,752,649. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors have recently bought and sold shares of the stock. Oppenheimer & Co. Inc. boosted its stake in shares of SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC increased its holdings in shares of SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after buying an additional 1,975 shares in the last quarter. Signaturefd LLC increased its holdings in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. raised its stake in shares of SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after acquiring an additional 2,320 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its holdings in SoundHound AI by 7.7% during the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock valued at $164,000 after purchasing an additional 2,522 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Trading Down 8.1 %

The company has a 50-day simple moving average of $9.01 and a 200-day simple moving average of $6.22. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market cap of $7.40 billion, a P/E ratio of -55.56 and a beta of 3.03.

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