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What Are Analysts Saying About Penny Stock SOUN?

Shares of SoundHound AI (NASDAQ:SOUN), a provider of voice artificial intelligence solutions, have surged by 80% so far this year. The stock has more than doubled in just one month, attracting attention from Wall Street analysts who remain optimistic about its future prospects.

The increase in SOUN stock can be attributed to Nvidia (NASDAQ:NVDA) revealing its stake in the company. In the latest 13F filing, Nvidia disclosed that it purchased shares of SoundHound in the fourth quarter of last year. Nvidia now holds 1.73 million shares of SoundHound valued at $3.7 million as of December 2023.

H.C. Wainwright analyst Scott Buck commented on Nvidia’s investment, stating that while it may be small, it validates the progress made by SoundHound and enhances the credibility of its growth plans. Buck expects that Nvidia’s stake in SoundHound will draw investor attention and potentially lead to a re-evaluation of the company’s valuation. He maintains a Buy rating on SOUN stock with a price target of $5, implying a 30.59% upside potential.

SoundHound, known for powering voice AI platforms in products such as automobiles, TVs, and IoT devices, is expected to benefit from increased penetration within its existing customer base. With a Strong Buy consensus rating from analysts and an average price target of $4.67, there is a projected 22.25% upside potential from current levels for SoundHound stock.

In conclusion, SOUN stock has seen significant gains and analysts foresee further upside potential. The future looks promising for SoundHound, and investors can explore more top-rated penny stocks using TipRanks’ penny stock screener.

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