SoundHound AI (NASDAQ:SOUN) Trading 5.7% Higher on Analyst Upgrade

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shot up 5.7% during trading on Monday 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 $11.66 and last traded at $11.44. 28,423,750 shares changed hands during trading, a decline of 49% from the average session volume of 55,743,930 shares. The stock had previously closed at $10.82.

SOUN has been the topic of several other research reports. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright reissued a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Northland Securities raised their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. Finally, Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Hold" and a consensus price target of $12.86.

Insider Activity at SoundHound AI

In related news, VP Majid Emami sold 298,086 shares of the business's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $4,483,213.44. Following the transaction, the vice president now owns 735,685 shares of the company's stock, valued at approximately $11,064,702.40. The trade was a 28.83 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of the company's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following 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 disclosure for this sale can be found here. Insiders sold a total of 1,788,257 shares of company stock worth $31,895,182 in the last 90 days. 12.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in SOUN. B. Riley Wealth Advisors Inc. acquired a new stake in shares of SoundHound AI during the 4th quarter worth approximately $544,000. United Advisor Group LLC bought a new stake in SoundHound AI in the 4th quarter valued at $379,000. Mackenzie Financial Corp raised its stake in shares of SoundHound AI by 14.5% in the 4th quarter. Mackenzie Financial Corp now owns 20,831 shares of the company's stock valued at $413,000 after buying an additional 2,643 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of SoundHound AI by 153.1% during the 4th quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company's stock valued at $90,000 after acquiring an additional 2,755 shares in the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in SoundHound AI in the fourth quarter valued at about $88,000. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Price Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company's 50-day moving average is $14.29 and its 200-day moving average is $10.02. The stock has a market cap of $3.75 billion, a price-to-earnings ratio of -26.44 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. Equities research analysts expect 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.