SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.3% Following Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 0.3% during trading on Tuesday after HC Wainwright raised their price target on the stock from $8.00 to $26.00. HC Wainwright currently has a buy rating on the stock. SoundHound AI traded as high as $21.30 and last traded at $20.50. Approximately 36,540,655 shares traded hands during mid-day trading, a decline of 10% from the average daily volume of 40,604,879 shares. The stock had previously closed at $20.43.

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

Insider Activity at SoundHound AI

In other news, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the transaction, the director now directly owns 178,117 shares in the company, valued at $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,258,242 shares of company stock worth $34,752,649 in the last 90 days. 12.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SOUN. Charles Schwab Investment Management Inc. grew its position in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares in the last quarter. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI in the 3rd quarter worth approximately $4,193,000. FMR LLC grew its holdings in shares of SoundHound AI by 112.8% during the 3rd quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after purchasing an additional 25,989 shares in the last quarter. Intech Investment Management LLC acquired a new stake in shares of SoundHound AI during the 3rd quarter worth approximately $305,000. Finally, Victory Capital Management Inc. increased its position in shares of SoundHound AI by 230.9% during the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after purchasing an additional 84,301 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Stock Down 0.6 %

The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of -56.39 and a beta of 3.03. The business has a 50 day moving average of $9.32 and a 200 day moving average of $6.34. 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 released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS 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 company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the firm earned ($0.09) EPS. The firm’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current 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.