AI Stock SoundHound AI, Inc. (Nasdaq: SOUN) Gains on New Target Price

December 26, 2024 (Investorideas.com Newswire) Investorideas.com, a leader in retail investor trading ideas for AI and tech stocks issues a trading alert SoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence.

The stock is trading at $24.13, u 3.89, gaining 19.20% on volume of over 8 Million shares as of this report.

According to TipRanks, "H.C. Wainwright analyst Scott Buck raised the firm's price target on SoundHound (SOUN) to $26 from $8 and keeps a Buy rating on the shares. While the stock's valuation is "taking a back seat to animal spirits near term," it should be supported by business growth over time, the analyst tells investors in a research note. The recent share outperformance is being driven by a combination of factors including increasing demand for the company's artificial intelligence-enabled services across multiple sectors, the analyst tells investors in a research note. H.C. Wainwright believes SoundHound's valuation levels "may look stretched at today's share price," but says the company the company has built a scalable platform which should allow revenue, adjusted EBITDA and ultimately earnings to catch up to share price over time.:

The most recent news from the company was 14 days ago when it announced that its Amelia Conversational AI Platform has been named a Leader in the 2024 Frost Radar™: Enterprise Conversational AI in Healthcare.

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