SoundHound AI, Inc. (NASDAQ:SOUN) shares are trading higher Monday after the company announced the acquisition of Amelia and its second-quarter earnings last week.

The Details:

SoundHound's second-quarter results beat analyst expectations on the top and bottom lines, and the company raised its full-year and 2025 revenue guidance. Following the print, Wedbush analyst Dan Ives said SoundHound "continues to see demand for its voice AI products pick up across its automotive and restaurant segments, signing various large brand deals fueling growth while grabbing market share in the conversational AI market."

SoundHound AI also announced the acquisition of Amelia which it said will accelerate and scale its customer service offering and adds the potential to expand across healthcare, financial services and retail sectors.

Dan Ives described Amelia as "an enterprise AI software company which has $45+ million in recurring AI software revenue that will improve SOUN's position within voice and conversational AI while expanding into new verticals such as retail, financial services, healthcare, smart devices, and more."

According to data from Benzinga Pro, SoundHound AI shares are trading on above-average volume Monday above the stock's 50-day moving average of $4.66.

SOUN Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of SoundHound AI have an average 1-year price target of $7.25, representing an expected upside of 40.64%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on SoundHound AI, while 3 analysts have bullish ratings. The street high price target from Wedbush is $9, while the street low from Northland Capital Markets is $6.

SOUN Price Action: According to Benzinga Pro, SoundHound AI shares are up 5.95% at $5.16 at the time of publication Monday.

Read Also:

• Why FSD Pharma Stock Is Seeing Huge Gains

Image: Pete Linforth from Pixabay