SoundHound AI (NASDAQ:SOUN) Trading 14.3% Higher After Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 14.3% on Friday after DA Davidson raised their price target on the stock from $9.50 to $13.00. DA Davidson currently has a buy rating on the stock. SoundHound AI traded as high as $10.94 and last traded at $10.53. Approximately 47,881,693 shares were traded during trading, a decline of 13% from the average daily volume of 55,251,813 shares. The stock had previously closed at $9.21.

A number of other equities analysts have also recently weighed in on the stock. Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.86.

Insider Buying and Selling at SoundHound AI

In related news, Director Eric R. Ball sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the director now owns 451,756 shares of the company’s stock, valued at approximately $5,421,072. This represents a 9.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 53,891 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $10.00, for a total value of $538,910.00. Following the transaction, the insider now directly owns 813,193 shares of the company’s stock, valued at $8,131,930. The trade was a 6.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,722,918 shares of company stock valued at $44,935,943 over the last quarter. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its holdings in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of SoundHound AI during the 4th quarter worth $30,000. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI during the 4th quarter worth $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI during the fourth quarter worth $40,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Stock Performance

The firm has a market cap of $4.26 billion, a PE ratio of -30.10 and a beta of 2.56. The stock has a 50-day moving average price of $15.19 and a 200 day moving average price of $9.88. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share 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.