SoundHound AI (SOUN) stock climbed on Thursday as it continues to rebound from a recent swoon.
In afternoon trades on the stock market today, SoundHound stock rose more than 5% to 16.
Last week, the provider of voice and conversational AI technology announced the acquisition of Interactions, a pioneer in AI for customer service and workflow orchestration. SoundHound said the deal will strengthen its position in agentic AI and accelerate its market penetration in customer service across enterprise businesses.
Santa Clara, Calif.-based SoundHound purchased Interactions for $60 million in cash, with the potential for additional payments earned contingent on the achievement of certain revenue milestones.
After the deal was announced, D.A. Davidson analyst Gil Luria reiterated his buy rating on SoundHound stock and raised his price target to 17 from 15.
However, Oppenheimer analyst Brian Schwartz initiated coverage of SoundHound stock with a perform, or neutral, rating.
SoundHound stock ranks sixth out of 35 stocks in IBD’s Computer Software-Special Enterprise industry group. It has an IBD Composite Rating of 82 out of 99, according to IBD Stock Checkup.
Meanwhile, SoundHound stock has an IBD Relative Strength Rating of 95 out of 99. That puts it in the top 5% of stocks for performance over the past 12 months.
SoundHound stock hit a recent high of 17.08 on Aug. 13, just days after the company reported its second-quarter results.
Follow Patrick Seitz on X at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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