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According to the latest 13F filings, semiconductor giant Nvidia (NASDAQ:NVDA) Bought shares in SoundHound AI (NASDAQ:SOUN) 4th quarter. Although this is a positive indicator, investors should use multiple parameters to formulate their investment strategy. Smart investors can use TipRanks’ Expert Center tools to make informed investment decisions.
Before digging deeper, it’s worth highlighting that shares of SoundHound, which specializes in voice artificial intelligence (AI) solutions, soared more than 47% in after-hours trading on Wednesday following the disclosure. Notably, Nvidia owns 1.73 million shares of SoundHound (worth $3.7 million) as of the end of December 2023.
With this background in mind, let’s take a look at the Street’s expectations for SoundHound stock.
Is SoundHound a good stock to buy?
Based on analyst consensus ratings, SoundHound is a good stock to buy. The company is focused on expanding its Chat AI platform and channel partner ecosystem, which is expected to drive revenue growth. Additionally, the company’s active acquisitions aimed at expanding its product portfolio are encouraging.
Ladenburg analyst Glenn Mattson initiated coverage on SOUN stock on January 30th with a “buy” rating and a price target of $4. Analysts expect SOUN to benefit from significant end-market opportunities. Meanwhile, Northland Securities analyst Michael Lattimore called Soundhound a “top candidate for 2024.” Mr. Lattimore reiterated his buys of SOUN stock last month.
Overall, 3 unanimous buy recommendations give the SOUN stock a consensus rating of Strong Buy. SoundHound stock has lost nearly 43% of its value in one year. Analysts’ average price target is $4.67 per share, implying a potential upside of 107.1% over the next 12 months.
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