SoundHound AI (NASDAQ:SOUN) Stock Rises 5.7% Following Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) saw its stock price increase by 5.7% during trading on Monday. This surge came shortly after DA Davidson raised their price target on the stock from $9.50 to $13.00. DA Davidson has issued a buy rating on SoundHound AI. During the trading session, shares reached as high as $11.66 and concluded trading at $11.44. In total, approximately 28,423,750 shares were traded, which is a notable decline of 49% from the average daily volume of 55,743,930 shares. The stock had previously closed at $10.82.

SoundHound AI has been covered in several other reports. For instance, HC Wainwright maintained a “buy” rating on the shares, setting a price target of $26.00 in a research note dated January 13. A previous report by Wedbush raised their price target for SoundHound AI from $10.00 to $22.00, giving the stock an “outperform” rating as of December 16. On February 24, Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating. Additionally, on November 13, both LADENBURG THALM/SH SH and Barclays issued “neutral” ratings, with each setting a price objective of $7.00. Overall, four analysts have rated the stock as a hold while three have assigned it a buy rating. According to MarketBeat.com, SoundHound AI currently holds an average rating of “Hold,” with an average price target of $12.86.

Insider Trading at SoundHound AI

In related news about SoundHound AI, Vice President Majid Emami sold 298,086 shares of company stock on December 9 at an average price of $15.04, amounting to $4,483,213.44. After this sale, Emami still owns 735,685 shares, valued at approximately $11,064,702.40, representing a 28.83% decrease in their stock ownership. Another insider, CTO Timothy Stonehocker, also sold shares on December 20, moving 34,407 shares at an average price of $20.30, totaling approximately $698,462.10. Following this transaction, Stonehocker has 796,581 shares left in the company, valued around $16,170,594.30, indicating a 4.14% decrease in ownership. In total, insiders have sold 2,628,851 shares worth $44,084,637 over the last 90 days, and corporate insiders possess 12.28% of the company's total shares.

Institutional Ownership of SoundHound AI

Several hedge funds and institutional investors have been active in buying and selling SoundHound AI shares recently. Blue Trust Inc. increased its investments in the company by 197.6% during the fourth quarter, owning 1,250 shares worth $25,000 after acquiring an additional 830 shares. Sound Income Strategies LLC saw a remarkable growth of 2,542.0%, owning 1,321 shares valued at $26,000 after adding 1,271 shares. Orion Capital Management LLC initiated a new position worth about $30,000 in the same quarter, as did Future Financial Wealth Management LLC, which invested approximately $40,000. Another entity, Compagnie Lombard Odier SCmA, also purchased a new position valued at about $40,000. Currently, about 19.28% of the stock is held by institutional investors and hedge funds.

SoundHound AI Stock Performance Overview

The company has a fifty-day simple moving average of $14.99 and a 200-day simple moving average of $9.99. SoundHound AI has a market capitalization of $4.06 billion, a PE ratio of -28.67, and a beta of 2.56. Its quick and current ratios both stand at 2.58, and its debt-to-equity ratio is 0.13.

SoundHound AI (NASDAQ:SOUN – Get Free Report) recently released its quarterly earnings data on February 27. The company reported an earnings per share (EPS) figure of ($0.69), which fell short of the consensus estimate of ($0.11) by ($0.58). The firm recorded revenues of $34.54 million for the quarter, exceeding analysts' expectations of $33.70 million. SoundHound AI reported a negative return on equity of 55.58% and a negative net margin of 163.58%. Analysts are predicting that SoundHound AI will post a cumulative EPS of -0.38 for the current fiscal year.

About SoundHound AI, Inc.

SoundHound AI, Inc. is a firm dedicated to developing independent voice artificial intelligence (AI) solutions. These solutions enable businesses in various sectors, including automotive, TV, IoT, and customer service, to provide high-quality conversational experiences. Their product offerings include the Houndify platform, which provides tools for brands to create conversational voice assistants, as well as the SoundHound Chat AI, integrating real-time data in responses, and SoundHound Smart Answering, designed for customer service.

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