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The Key Takeaways
- SoundHound AI closed Monday at an all-time high after Wedbush increased its price target.
- Analysts say that the demand for AI-based voice solutions is strong.
- SoundHound AI has been backed by Nvidia in part. In 2024, its shares increased by more than 9 times.
SoundHound AI’s (SOUN), a voice-technology company backed Nvidia by artificial intelligence, saw its shares soar Monday after Wedbush analysts increased their price targets.
This firm released an “outperform” Rating raised the price target for shares from $10 to $22. Visible Alpha’s revised target was more than double the other three Visible Alpha targets that have been issued since the beginning of November.
Monday's rise brought the stock closer to that target price. SoundHound shares, which rose more than 16 percent to reach a new record closing price of $19.69 in the last trading session, will more than triple by 2024.
SoundHound offers AI voice solutions in the restaurant, auto, call center, and other industries. “seeing continued demand,” Wedbush was quoted as saying that it is a “long-term winner in the AI Revolution.”
Nvidia owned more than 1,73 million SoundHound shares as of September 30, according to regulatory filings.
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