SoundHound AI (NASDAQ:SOUN) Shares Up 5.9% Following Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price shot up 5.9% during mid-day trading on Monday after Wedbush raised their price target on the stock from $10.00 to $22.00. Wedbush currently has an outperform rating on the stock. SoundHound AI traded as high as $18.17 and last traded at $17.90. 59,545,470 shares traded hands during trading, an increase of 55% from the average session volume of 38,508,664 shares. The stock had previously closed at $16.91.

Other research analysts have also recently issued reports about the stock. DA Davidson reaffirmed a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Barclays restated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reiterated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, HC Wainwright raised their price target on SoundHound AI from $7.00 to $8.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. 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, the company has a consensus rating of "Moderate Buy" and a consensus target price of $9.50.

Insider Buying and Selling

In other news, VP Majid Emami sold 94,067 shares of the business's stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The transaction 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 that occurred on Thursday, December 12th. The shares were sold at an average price of $14.00, for a total transaction of $350,000.00. Following the completion of the transaction, the director now owns 128,117 shares of the company's stock, valued at approximately $1,793,638. This trade represents a 16.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,060,416 shares of company stock worth $26,684,544 in the last three months. 12.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently modified their holdings of the business. Oppenheimer & Co. Inc. grew its position in shares of SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock valued at $89,000 after buying an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in shares of SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company's stock worth $80,000 after acquiring an additional 1,975 shares during the period. Signaturefd LLC boosted its holdings in 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 acquiring an additional 2,000 shares during the last quarter. Newbridge Financial Services Group Inc. increased its position in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock valued at $46,000 after purchasing an additional 2,320 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in SoundHound AI by 13.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company's stock valued at $82,000 after purchasing an additional 2,500 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.

SoundHound AI Trading Up 16.4 %

The firm's fifty day simple moving average is $7.78 and its 200-day simple moving average is $5.80. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market cap of $7.28 billion, a P/E ratio of -54.69 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its 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. 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 the consensus estimate of $23.02 million. During the same quarter last year, the firm earned ($0.09) earnings per share. SoundHound AI's quarterly revenue was up 88.7% on a year-over-year basis. 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.