Investing

SOUN Stock Has 105% Upside According to This Wall Street Expert

Joshua Rodriguez

Published: October 2, 2024 2:31 pm

Last Updated: October 2, 2024 3:14 pm

Artificial intelligence is changing how we do just about everything. Whether you’re shopping online or listening to your favorite music app, there’s a good chance that artificial intelligence is helping create a better experience for you. Depending on the tech you have in your home, you may even use AI to turn the lights on and off or adjust your thermostat. 

However, many of the features of AI wouldn’t be possible without it having the ability to listen for and understand commands. That’s where companies like SoundHound AI (Nasdaq: SOUN) come in. And as innovation in, and demand for, AI solutions continues, SoundHound AI has the potential to generate meaningful revenue and profitability ahead. Perhaps that’s why analysts seem to love the stock. One even expects the value of SOUN to more than double over the next year.  

Key Points:

• SoundHound is pioneering the way in sound-related artificial intelligence. 
• The company offers several services that are geared toward consumers and businesses alike. 
• If analysts at DA Davidson are correct, the stock could more than double over the next year. 
• If you’re interested in low price stocks with significant growth potential, you’ve got to check out our Discover “the Next NVIDIA” report. When you do, you’ll learn about two stocks we believe have the potential to grow by 10X or more ahead. 

What Is SoundHound AI?

SoundHound AI is a company that uses AI to process sound, creating valuable products in the process. For example: 

• SoundHound App: The SoundHound App can listen to music and tell you what’s playing and who sings it. You can also connect your Apple Music or Spotify accounts to it in order to enhance your music listening experience.  
• Voice AI: SoundHound works with a variety of clients across a wide range of industries to offer voice AI technology in restaurants, on smart devices, and more. 
• Chat AI: Chat AI is SoundHound’s voice assistant. 

It’s also worth noting that SoundHound AI’s technology isn’t simply listening for words and phrases, it can tell the differences in natural language. For example, the company’s technology can understand the context of what you’re asking in order to respond to your request more accurately. It can even use context clues to determine the meanings of words that sound the same but have different definitions, like “made” and “maid.” 

What Do Analysts Think?

To date, seven analysts have weighed in on SoundHound and the consensus rating is a “Buy.” The median price target is $7.79. Not bad for a stock that’s currently trading at $4.62 per share. But it’s also worth mentioning that this median target includes a $9.50 price target from DA Davidson, a firm that reiterated its Buy rating on the stock on September 30, 2024. Should the stock climb to $9.50 per share, it will have risen by 105.6%.