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Nvidia-Backed SoundHound AI Stock Hits All-Time High
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Main points
- SoundHound AI shares closed at an all-time high on Monday after Wedbush raised the company’s price target.
- Analysts said the company is seeing strong demand for its artificial intelligence voice solutions.
- SoundHound AI is partially supported by Nvidia. In 2024, its shares have risen more than ninefold.
Sound Hound Artificial Intelligence (suenShares rose on Monday after Wedbush analysts raised Nvidia’s price target (NVDA)-support Artificial Intelligence (AI) Voice technology company.
The firm gave the stock an “outperform” rating and raised its target price on the stock to $22 from $10. The revised target is more than double the other three targets Visible Alpha has released since early November.
Monday’s gains brought the stock closer to its price target. SoundHound’s stock price rose more than 16% to close at an all-time high of $19.69, with the stock price rising more than ninefold in 2024.
Wedbush said SoundHound, which provides AI voice solutions to the automotive industry, restaurants, call centers and other markets, “sees continued demand” and positions it as a “long-term winner in the AI āārevolution.”
As of September 30, Nvidia held more than 1.73 million SoundHound shares, according to regulatory filings.
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