SoundHound AI (NASDAQ:SOUN) Trading Up 14.3% on Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN) rose 14.3% during trading 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 mid-day trading, a decline of 13% from the average daily volume of 55,251,813 shares. The stock had previously closed at $9.21.

SOUN has been the subject of a number of other research reports. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday, February 24th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued 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 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $12.86.

Insider Activity

In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the transaction, the director now owns 451,756 shares of the company’s stock, valued at approximately $5,421,072. This trade represents a 9.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,722,918 shares of company stock worth $44,935,943. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. grew its position in shares of SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC grew its position in SoundHound AI by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after purchasing an additional 315,897 shares during the last quarter. State Street Corp increased its stake in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares during the period. Northern Trust Corp raised its holdings in shares of SoundHound AI by 10.0% in the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after buying an additional 264,382 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of SoundHound AI by 5.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after buying an additional 143,487 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Stock Performance

The stock has a market cap of $4.26 billion, a PE ratio of -30.10 and a beta of 2.56. The stock has a fifty day moving average of $15.19 and a 200-day moving average of $9.88. 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) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 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.