SoundHound AI (SOUN) Surges 17.34% on Rating, Price Upgrade
SoundHound AI soared by 17.34 percent on Monday to end at $15.9 apiece as investors took path from an investment firm's upgraded rating for its stock.
In a market note, Ladenburg Thalmann raised SoundHound AI Inc. (NASDAQ:SOUN) to 'buy' from 'neutral' previously, alongside a higher price target of $16, as compared with the $9 prior.
According to Ladenburg, the upgrade was based on SoundHound AI Inc.'s (NASDAQ:SOUN) increasing deals in the automotive sector that 'can give potential upside opportunity.'
'The penetration in Autos is growing as the company recently announced three major automotive brands in the US have rolled out with SOUN Chat AI embedded. This product drives user engagement and helps establish tech leadership in an increasingly competitive space … Management has pegged in-car commerce opportunity for OEMs at $35 billion annually,' it said.
In an updated report, SoundHound AI, Inc. (NASDAQ:SOUN) said it narrowed its non-GAAP net loss in the second quarter of the year by 20 percent to $11.86 million from $14.89 million in the same period last year, but widened its GAAP net loss by 100 percent to $78 million from $37 million year-on-year.
Revenues, on the other hand, soared by 217 percent to $42.68 million from only $13.46 million in the same period last year.
SoundHound AI, Inc. (NASDAQ:SOUN) raised its full-year revenue growth outlook to a range of $160 million to $178 million, from the previous forecast of $156 million to $177 million.
While we acknowledge the potential of SOUN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the .
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Elbit Systems discloses $1.6bn European order, reports higher Q2 results; stock up
-- Elbit Systems (NASDAQ:ESLT) shares popped around 6% in premarket trading Wednesday after the military technology company reported higher second-quarter revenue and profit on Wednesday, alongside securing a major new defense contract. Elbit announced it has been awarded a $1.635 billion contract to supply a range of defense solutions to an undisclosed European country, with implementation over five years. The company's second-quarter revenue rose 21% year-on-year to $1.9 billion. On a non-GAAP basis, net profit climbed 63% to $151 million, or $3.23 per share, while earnings per share were $2.69 compared with $1.76 a year earlier. The company's order backlog reached $23.8 billion at the end of the quarter, up $700 million from the prior period. About 68% of the backlog comes from customers outside Israel, and roughly 46% is scheduled for delivery in the remainder of 2025 and 2026. Related articles Elbit Systems discloses $1.6bn European order, reports higher Q2 results; stock up Victoria's Secret Exposed: The Warning Sign Behind the Stock's 52% Collapse If Powell goes, does Fed trust go with him? Sign in to access your portfolio
CNBC
12 minutes ago
- CNBC
Crypto exchange Bullish prices IPO at $37 per share, above expected range, ahead of NYSE debut
Cryptocurrency exchange Bullish has priced its initial public offering at $37 per share, above the expected range of $32 to $33 and giving it a total market value of $5.4 billion. The company will raise $1.1 billion in the offering of 30 million shares. In a measure of increased investor appetite, Bullish expanded the number of shares sold in the IPO from 20.3 million, which were originally proposed to be sold at between $28 and $31 a share. Bullish granted its underwriters, led by JPMorgan, Jefferies and Citigroup, a 30-day option to sell an additional 4.5 million shares. Bullish stock will trade on the New York Stock Exchange under ticker symbol "BLSH." BlackRock and Cathie Wood's ARK Investment Management have indicated interest in purchasing up to $200 million of the shares. Bullish, which is led by former New York Stock Exchange President Tom Farley and headquartered in the Cayman Islands, is a cryptocurrency exchange that's geared toward institutional investors and brings together decentralized finance protocols with the security of a centralized company. Since its launch in 2021, total trading volume on the Bullish platform exceeded $1.25 trillion as of March 31. Bullish also owns the crypto news website CoinDesk, which includes crypto indexes, data and analytics. This is the second attempt by Bullish to go public in the four years since it was introduced. Backers, including billionaire PayPal co-founder Peter Thiel, are looking to take advantage of the Trump administration's favorable attitude toward crypto, which has invigorated capital markets this year. In June, stablecoin issuer Circle made a highly successful stock market debut, raising more than $1 billion. That followed the transfer to Nasdaq (from Toronto) of Mike Novogratz's Galaxy Digital and stock and crypto trading app eToro's IPO that valued it at $5.4 billion. Crypto custody startup BitGo and crypto exchange Gemini have also confidentially filed for U.S. listings.
Wall Street Journal
12 minutes ago
- Wall Street Journal
How One Big Private-Equity Fund Makes Its Numbers Incomprehensible
Many fund managers strive to be transparent with their financial disclosures. Others are so obstructive that they might as well be kicking sand in investors' faces. While private equity is synonymous with opacity, the tricks of the trade are taking on greater importance as the industry seeks to broaden its reach among ordinary investors. President Trump last week signed an order seeking to open up Americans' 401(k) retirement accounts to private equity and other alternative investments. Rep. Elise Stefanik (R., N.Y.) made headlines when she asked the Securities and Exchange Commission in June to investigate the way Harvard is valuing its private-equity holdings.
