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

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) 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.

Several other equities analysts also recently weighed in on the company. Barclays restated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday. DA Davidson restated a "buy" rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Northland Securities raised their target price on SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a research report on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and raised their target price for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, Wedbush restated an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $7.64.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the firm's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares of the company's stock, valued at $11,529,936.96. This trade represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the firm's stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now directly owns 74,038 shares of the company's stock, valued at approximately $371,670.76. This trade represents a 40.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,275 shares of company stock worth $1,606,644. 12.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. increased its stake in SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock worth $89,000 after acquiring an additional 1,887 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in SoundHound AI by 17.3% during the first quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company's stock worth $80,000 after acquiring an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC grew its stake in shares of SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company's stock valued at $77,000 after buying an additional 2,000 shares in the last quarter. Signaturefd LLC grew its stake in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company's stock valued at $57,000 after buying an additional 2,000 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew 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 buying an additional 2,320 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Price Performance

The stock has a 50 day moving average price of $5.21 and a two-hundred day moving average price of $4.93. The firm has a market capitalization of $2.38 billion, a price-to-earnings ratio of -19.22 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued 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 73.21% and a negative net margin of 163.58%. The business had revenue of $25.10 million during the quarter, compared to analysts' expectations of $23.02 million. During the same period in the previous year, the firm posted ($0.09) earnings per share. The company's revenue was up 88.7% on a year-over-year basis. As a group, research analysts expect 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.