SoundHound AI (NASDAQ:SOUN) Shares Up 8.8% After Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price rose 8.8% on Wednesday 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 $14.70 and last traded at $13.92. Approximately 37,876,769 shares traded hands during trading, a decline of 42% from the average daily volume of 65,344,926 shares. The stock had previously closed at $12.79.

SOUN has been the topic of a number of other research reports. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday. Wedbush boosted 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. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.36.

Insider Activity at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the transaction, the director now directly owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,782,918 shares of company stock valued at $45,391,343. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently added to or reduced their stakes in the stock. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. ST Germain D J Co. Inc. raised its position in SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after purchasing an additional 750 shares in the last quarter. NBC Securities Inc. lifted its holdings 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 buying an additional 3,818 shares during the period. Farther Finance Advisors LLC grew its position in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after buying an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank increased its stake in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares during the period. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Performance

The firm has a 50 day moving average price of $13.59 and a 200 day moving average price of $7.97. The stock has a market cap of $4.98 billion, a PE ratio of -37.42 and a beta of 2.63. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate 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 business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the business posted ($0.09) EPS. The company’s quarterly revenue was up 88.7% compared to the same quarter last year. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

About SoundHound AI

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.