SoundHound AI (NASDAQ:SOUN) Trading Up 30.1% After Analyst Upgrade

SoundHound AI, Inc. (NASDAQ:SOUN) was up 30.1% during mid-day trading on Friday after Northland Capmk upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $14.20 and last traded at $13.95. Approximately 117,533,701 shares traded hands during trading, an increase of 196% from the average daily volume of 39,696,582 shares. The stock had previously closed at $10.72.

SOUN has been the topic of several other reports. HC Wainwright dropped their price target on shares of SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. DA Davidson dropped their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Wall Street Zen lowered shares of SoundHound AI from a “hold” rating to a “sell” rating in a research report on Saturday. Piper Sandler reissued a “neutral” rating and issued a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. Finally, Wedbush increased their price objective on shares of SoundHound AI from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.07.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 254,376 shares of the firm’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the transaction, the chief executive officer directly owned 1,749,790 shares of the company’s stock, valued at approximately $16,378,034.40. This trade represents a 12.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Zagorsek sold 117,180 shares of the firm’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,096,804.80. Following the transaction, the chief operating officer directly owned 1,346,455 shares in the company, valued at approximately $12,602,818.80. This represents a 8.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the business. Carnegie Investment Counsel increased its position in SoundHound AI by 8.9% during the first quarter. Carnegie Investment Counsel now owns 1,069,860 shares of the company’s stock worth $8,131,000 after acquiring an additional 87,810 shares during the period. Thoroughbred Financial Services LLC increased its position in SoundHound AI by 38.4% during the first quarter. Thoroughbred Financial Services LLC now owns 113,475 shares of the company’s stock worth $921,000 after acquiring an additional 31,500 shares during the period. Yarbrough Capital LLC bought a new position in SoundHound AI during the first quarter worth about $1,258,000. Deutsche Bank AG grew its stake in SoundHound AI by 64.2% during the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company’s stock worth $5,249,000 after buying an additional 103,450 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in SoundHound AI by 308.4% during the first quarter. Victory Capital Management Inc. now owns 163,713 shares of the company’s stock worth $1,329,000 after buying an additional 123,623 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Up 26.4%

The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of -21.51 and a beta of 2.57. The business’s 50 day simple moving average is $10.76 and its 200-day simple moving average is $10.49.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). The firm had revenue of $42.68 million for the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative return on equity of 77.38% and a negative net margin of 171.81%. The company’s quarterly revenue was up 216.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.11) earnings per share. On average, analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

SoundHound AI Company Profile

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.