SOUN shares are up 105%, according to this Wall Street expert

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

However, many of AI’s features would not be possible without the ability to listen and understand commands. That’s where companies like SoundHound AI (Nasdaq: SOUN) come in. And as innovation and demand for AI solutions continues, SoundHound AI has the potential to generate significant revenue and profitability in the future. Maybe that’s why analysts seem to love the stock. SOUN is even expected to double in value over the next year.

Key points:

• SoundHound is pioneering the field of artificial intelligence related to sound.
• The company offers several services that are both consumer and enterprise oriented.
• If the analysts at DA Davidson are right, the stock could more than double in the next year.
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What is SoundHound AI?

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

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

It’s also worth noting that SoundHound’s AI technology isn’t just about listening for words and phrases, it can tell the difference in natural language. For example, the Company’s technology may understand the context of what you are asking 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, such as “made” and “servant.”

What do analysts think?

Seven analysts have reviewed SoundHound so far, and the consensus rating is “Buy”. The average target price is $7.79. Not bad for a stock currently trading at $4.62 per share. But it’s also worth noting 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 rise to $9.50 per share, it will be up 105.6%.

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