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

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) gapped up prior to trading on Tuesday after Northland Securities raised their price target on the stock from $6.00 to $8.00. The stock had previously closed at $12.82, but opened at $13.56. Northland Securities currently has a market perform rating on the stock. SoundHound AI shares last traded at $14.11, with a volume of 14,003,609 shares traded.

Several other research analysts also recently commented on the company. LADENBURG THALM/SH SH restated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays restated a "neutral" rating and set a $7.00 price target 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. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Finally, HC Wainwright restated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday. Three investment 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 company presently has an average rating of "Moderate Buy" and a consensus price target of $12.36.

Insider Buying and Selling at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the company's stock in a transaction dated 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 transaction, the chief operating officer now directly owns 1,473,322 shares of the company's stock, valued at $31,308,092.50. This represents a 15.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 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 value of $214,500.00. Following the completion of the sale, the director now directly owns 178,117 shares of the company's stock, valued at approximately $1,273,536.55. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 over the last quarter. Insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

Several large investors have recently bought and sold shares of SOUN. NBC Securities Inc. raised its stake in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock worth $35,000 after purchasing an additional 3,818 shares during the last quarter. Amalgamated Bank increased its holdings in 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 buying an additional 5,099 shares during the period. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the 4th quarter worth approximately $40,000. Farther Finance Advisors LLC lifted its stake in SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company's stock valued at $42,000 after acquiring an additional 6,716 shares during the period. Finally, Sei Investments Co. acquired a new stake in SoundHound AI during the 2nd quarter valued at approximately $43,000. Hedge funds and other institutional investors own 19.28% of the company's stock.

SoundHound AI Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm's fifty day moving average price is $13.59 and its 200 day moving average price is $7.97. The firm has a market capitalization of $4.73 billion, a PE ratio of -35.53 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN - Get Free Report) 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. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm's revenue was up 88.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) earnings per share. As a group, equities 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.