Soundhound AI (Soun) stock climbed Thursday and continued to rebound from recent failures.
In today’s stock market, Soundhound shares closed at 15.63, up 3.4%.
Last week, the provider of voice and conversational AI technology announced the acquisition of Interaction, a pioneer in AI for customer service and workflow orchestration. Soundhound said the deal will strengthen its position in Agent AI and accelerate the market penetration in customer service across the enterprise.
Based in Santa Clara, California, Soundhound has purchased the exchange with $60 million in cash as it could potentially gain additional payments subject to achieving certain revenue milestones.
After the deal was announced, Da Davidson analyst Gil Luria repeated purchase ratings on Soundhound stock, increasing its price target from 15 to 17.
However, Oppenheimer analyst Brian Schwartz began reporting on Soundhound stocks with performance or neutral ratings.
Soundhound shares rank sixth out of 35 shares in IBD’s computer software-specific enterprise industry group. According to IBD stock inspections, the combined IBD rating is 82 out of 99.
On the other hand, Soundhound strains have an IBD relative strength rating of 95 out of 99. This puts it in the top 5% of stocks due to performance over the past 12 months.
Soundhound shares recently reached 17.08 on August 13, just days after the company reported its second quarter results.
For a detailed story about consumer technology, software and semiconductor inventory, follow Patrick Seitz at X at @ibd_pseitz.
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