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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'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 equities research analysts have also recently weighed in on SOUN. HC Wainwright lifted their price objective on SoundHound AI from $7.00 to $8.00 and gave the company a "buy" rating in a research note on Thursday, November 14th. LADENBURG THALM/SH SH restated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays reiterated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, 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. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI currently has an average rating of "Moderate Buy" and a consensus price target of $9.50.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 20,337 shares of the business's stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. The trade was a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 25,000 shares of the firm's stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $14.00, for a total value of $350,000.00. Following the completion of the sale, the director now owns 128,117 shares in the company, valued at approximately $1,793,638. This represents a 16.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,060,416 shares of company stock valued at $26,684,544 in the last quarter. Corporate insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI during the second quarter worth about $28,000. International Assets Investment Management LLC purchased a new position in SoundHound AI during the 2nd quarter worth approximately $31,000. NBC Securities Inc. increased its position in SoundHound AI by 97.8% during the third 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. Amalgamated Bank lifted its stake in SoundHound AI by 108.0% in 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 last quarter. Finally, Signaturefd LLC boosted its holdings in shares of SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company's stock valued at $41,000 after acquiring an additional 2,200 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Price Performance

The company has a fifty day moving average price of $7.78 and a two-hundred day moving average price of $5.80. The firm has a market capitalization of $7.28 billion, a price-to-earnings ratio of -54.69 and a beta of 3.03. 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 - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analysts' expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI's quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) EPS. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal 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.