SoundHound AI (NASDAQ:SOUN) Stock Price Up 2.9% on Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) rose 2.9% during trading on Thursday after HC Wainwright raised their price target on the stock from $7.00 to $8.00. HC Wainwright currently has a buy rating on the stock. SoundHound AI traded as high as $6.69 and last traded at $6.45. Approximately 19,929,881 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 34,340,629 shares. The stock had previously closed at $6.27.

Other analysts have also issued research reports about the company. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reaffirmed an "outperform" rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. Barclays reaffirmed a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday. DA Davidson reissued a "buy" rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $7.64.

Insiders Place Their Bets

In related news, CFO Nitesh Sharan sold 39,728 shares of the business'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 $193,872.64. Following the sale, the chief financial officer now owns 1,560,411 shares in the company, valued at $7,614,805.68. The trade was a 2.48 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at $11,311,808.16. This represents a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock worth $1,606,644 over the last three months. Insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock valued at $94,655,000 after acquiring an additional 2,226,471 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after acquiring an additional 189,109 shares during the period. Baupost Group LLC MA purchased a new stake in shares of SoundHound AI in the first quarter worth about $6,659,000. Bank of New York Mellon Corp boosted its position in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock valued at $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Finally, Carnegie Investment Counsel purchased a new position in shares of SoundHound AI during the third quarter worth about $4,193,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Stock Up 5.7 %

The company's 50-day moving average is $5.26 and its two-hundred day moving average is $4.94. The company has a market capitalization of $2.38 billion, a P/E ratio of -18.42 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (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 73.21%. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period in the previous year, the firm posted ($0.09) EPS. The firm's revenue was up 88.7% compared to the same quarter last year. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current 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.