SoundHound AI Posts Q2 Beat, But Analysts Focus On Amelia Acquisition
Portfolio Pulse from Priya Nigam
SoundHound AI Inc (NASDAQ:SOUN) reported strong Q2 results with revenue of $13.5 million, slightly above expectations. Despite this, shares fell 4.61% to $4.97. Analysts are focused on the company's acquisition of Amelia, an enterprise AI software company, which is expected to be transformative. Cantor Fitzgerald upgraded SOUN to Overweight with a price target of $7, Wedbush reiterated an Outperform rating with a $9 target, and DA Davidson maintained a Buy rating with a $9.50 target.
August 09, 2024 | 4:10 pm
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SoundHound AI reported strong Q2 results with revenue of $13.5 million, slightly above expectations. The company announced the acquisition of Amelia, which is expected to be transformative. Analysts upgraded ratings and raised price targets.
Despite the initial drop in share price, the strong Q2 results and the acquisition of Amelia, which is expected to significantly enhance SoundHound AI's market position, have led analysts to upgrade their ratings and raise price targets. This suggests a positive short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100