Chart of Day: SoundHound AI (SOUN) – 3/15

Keep an eye on SoundHound AI (SOUN), a voice recognition AI company that’s been working with car companies, restaurants, and call centers.

In February, the AI stock gapped higher on news Nvidia bought $3.7 million worth of SOUN shares. Now, the SOUN stock is turning even higher, as it nears its presentation at Nvidia’s GPU Technology Conference on March 18.

SoundHound AI (SOUN) Chart of the Day March 15 2024

Even better, analysts are bullish.

H.C. Wainwright analyst Scott Buck, for example, just raised the firm’s price target on SoundHound to $7 from $5 and keeps a Buy rating. D.A. Davidson analysts also raised their price target on SOUN to $7.59 from $5, with a buy rating.

“The company reported a good quarter with revenue roughly in-line with expectations, and demand for SoundHound’s AI solution remains elevated. SoundHound has also won a new deal with a top U.S.-based EV maker and signed a contract with a large OEM that increases its unit volumes through 2037,” D.A. Davidson added.

If you missed our article regarding Nike (NKE) yesterday you can read it here.

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