One of the most inexpensive artificial intelligence stocks to buy is SoundHound AI (SOUN), we said on May 14, 2024.
This is the company that provides voice control and audio analytics software to automakers, drive-through restaurants, and other businesses with phone-based menu systems.
“Better, one of its biggest investors is Nvidia, which invested about $3.7 million in the company. The investment arm of SoftBank also invested $2.3 million in SOUN. While those are small investments, it says a lot that industry giants are jumping in,” we added.
At the time, SOUN traded at just $5.40 a share.
Today, SOUN is up to $24.81 and could rally even higher.
Helping, the company recently said its third-quarter 2024 revenue of $25.1 million was 89% higher than year-ago numbers. Plus, that easily topped estimates of $23.1 million.
“SOUN raised its FY24 revenue guidance while providing more color on FY25 revenue guidance as the company continues to broaden its target market while well-positioned to capitalize on growing demand for its voice-enabled ecosystem to accelerate growth and margins,” said Wedbush analysts, led by Daniel Ives.
The firm also believes SOUN could see even more growth in the new year – giving the stock an outperform rating with a $22 price target.
“The company continues to leverage its partnership with Nvidia to bring voice generative AI to the edge without cloud connectivity, which will be demoed at CES 2025 pointing to continued improvement of its tech stack while looking to launch the third pillar (voice commerce ecosystem) of its growth strategy in 2025,” Ives added.
Even better, SOUN announced a new deal with Torchy’s Tacos, which is rolling out SoundHound’s voice AI Smart Ordering product at its 130 restaurant locations.
Sincerely,
Ian Cooper
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