Fri Sep 20 07:41:04 UTC 2024: ## SoundHound AI Stock Upgraded by HC Wainwright, Analysts Remain Bullish
**San Francisco, CA – September 20, 2024** – SoundHound AI (NASDAQ:SOUN) received a boost this week with investment firm HC Wainwright reiterating its “buy” rating and setting a $7.00 target price on the stock. This represents a potential upside of 39.72% from the stock’s previous close.
The news follows a positive trend in analyst sentiment. Wedbush maintained an “outperform” rating and a $9.00 price objective, while Cantor Fitzgerald upgraded the stock from “neutral” to “overweight” and raised its target price to $7.00. Northland Securities also increased its target price to $6.00, albeit with a “market perform” rating.
Overall, MarketBeat data shows a consensus rating of “Moderate Buy” for SoundHound AI, with a consensus target price of $7.08.
Despite missing analysts’ earnings estimates in the last quarter, SoundHound AI reported a 53.8% year-over-year revenue increase. The company’s focus on conversational AI solutions for automotive, TV, IoT, and customer service sectors seems to be driving this growth.
However, insider trading activity has raised eyebrows. CEO Keyvan Mohajer and Director Lawrence Marcus recently sold significant shares of the company’s stock.
Institutional investors have also been active in the stock. Newbridge Financial Services Group Inc., Sanctuary Advisors LLC, Truist Financial Corp, B. Riley Wealth Advisors Inc., and Algert Global LLC all made changes to their positions in SoundHound AI during the second quarter.
SoundHound AI continues to be a company to watch in the rapidly evolving AI market. Whether the company can capitalize on its strong revenue growth and positive analyst sentiment remains to be seen.
First Piper 