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

SoundHound AI, Inc. (NASDAQ:SOUN) gapped up before the market opened on Monday after HC Wainwright raised their price target on the stock from $8.00 to $26.00. The stock had previously closed at $21.76, but opened at $22.70. HC Wainwright currently has a buy rating on the stock. SoundHound AI shares last traded at $20.00, with a volume of 27,616,465 shares.

A number of other research firms also recently issued reports on SOUN. Wedbush lifted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $12.07.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael Zagorsek sold 138,906 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $17.63, for a total transaction of $2,448,912.78. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at $25,974,666.86. This represents a 8.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,258,242 shares of company stock valued at $34,752,649 over the last quarter. 12.28% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. acquired a new stake in SoundHound AI during the third quarter worth approximately $177,000. Sanctuary Advisors LLC boosted its holdings in shares of SoundHound AI by 13.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock worth $140,000 after buying an additional 3,642 shares in the last quarter. Geode Capital Management LLC grew its position in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares during the period. MML Investors Services LLC bought a new stake in shares of SoundHound AI in the 3rd quarter valued at $86,000. Finally, State Street Corp increased its stake in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Down 8.1 %

The company has a market cap of $7.40 billion, a price-to-earnings ratio of -55.56 and a beta of 3.03. The stock’s 50-day moving average is $9.01 and its 200-day moving average is $6.22. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.09) earnings per share. On average, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share 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.