Auddia (NASDAQ:AUUD) Stock Extends Rally: Up 37% In A Week

Auddia Inc (NASDAQ:AUUD) continued to move higher Wednesday, extending its weekly rally to 37%.

Market Action

On Wednesday, AUUD stock gained 18.50% to $3.58 with more than 18.90 million shares, compared to its average volume of 212k shares. The stock has moved within a range of $2.9600 – 4.6700 after opening the trade at $2.96.

Major Trigger:

Auddia Inc. Announces Major Technology Advancements in Artificial Intelligence with New Audio Content Processing Methodology

Key Highlights:

• announced a major advancement in its proprietary technology at the core of its Artificial Intelligence engine. By leveraging precise audio and metadata from radio stations, Auddia will reduce the costs of processing audio content for AI training and validation to near zero and concurrently realize vastly superior improvements in accuracy.
• The new AI processing methodology gives the company near real-time data processing capabilities which is expected to improve overall performance of the Auddia platform and reduce the onboarding time for stations by a factor of five as the company scales to thousands of stations.
• Auddia expects to use the new AI methodology for its trials with Lakes Media and Sonoma Media that were announced previously and will begin shortly after the July 4th holiday. The Company continues to expect to report consumer interest and subscription pricing from both Lakes Media and Sonoma Media audiences in anticipation of its full national launch in the second half of 2021.

Key Quote:

Auddia Chief Executive Officer Michael Lawless commented, “While our initial AI engine produced suitable results, this major advancement in technical capability is a game changer for the company. We always had a sense that a significant leap forward was on the horizon, so we are pleased to achieve this major milestone now, as we launch our first commercial consumer facing trials and anticipate a rapid increase in radio station deployments. The expectation is that the user experience will be positively impacted as a result of this advancement.”