SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.2% on Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 1.2% during trading on Friday after LADENBURG THALM/SH SH upgraded the stock to a strong-buy rating. The company traded as high as $11.16 and last traded at $11.02. Approximately 23,982,847 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 43,748,273 shares. The stock had previously closed at $10.89.

Other analysts have also recently issued reports about the company. Oppenheimer initiated coverage on SoundHound AI in a report on Thursday, September 11th. They set a “market perform” rating for the company. Wedbush reaffirmed an “outperform” rating and issued a $16.00 target price on shares of SoundHound AI in a report on Thursday, September 11th. Piper Sandler increased their price target on shares of SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, November 7th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $13.00 to $15.00 in a report on Friday, December 12th. Finally, HC Wainwright increased their target price on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $17.07.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 118,654 shares of SoundHound AI stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $2,373,080.00. Following the sale, the chief executive officer owned 2,342,613 shares in the company, valued at $46,852,260. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Timothy Stonehocker sold 70,524 shares of the business’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the completion of the transaction, the chief technology officer directly owned 606,525 shares in the company, valued at $12,130,500. This trade represents a 10.42% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 787,260 shares of company stock valued at $13,973,056. Company insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently added to or reduced their stakes in SOUN. Northwestern Mutual Wealth Management Co. grew its stake in shares of SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after buying an additional 1,060 shares in the last quarter. Danske Bank A S bought a new position in shares of SoundHound AI in the 3rd quarter valued at about $26,000. Advisors Asset Management Inc. increased its stake in SoundHound AI by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after acquiring an additional 1,023 shares during the last quarter. Investors Research Corp increased its stake in SoundHound AI by 62.4% during the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after acquiring an additional 700 shares during the last quarter. Finally, AlphaQuest LLC purchased a new stake in SoundHound AI during the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Performance

The stock has a market cap of $4.63 billion, a P/E ratio of -13.12 and a beta of 2.63. The company’s fifty day moving average price is $14.31 and its 200-day moving average price is $13.40.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.06. The business had revenue of $42.05 million during the quarter, compared to the consensus estimate of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The business’s revenue for the quarter was up 67.6% compared to the same quarter last year. During the same period last year, the company earned ($0.04) earnings per share. Analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.