Why Sonic Foundry (SOFO) Stock Is Climbing Thursday

Sonic Foundry, Inc. SOFO shares are climbing higher on Thursday after the company announced plans for the development of an AI solution focused on supporting the virtual and hybrid video events market.

The Details:

Sonic Foundry announced its Vidable business, which offers AI-powered video analytics, will team up with its Video Solutions business to develop an AI solution focused on supporting the events market.

Sonic Foundry CEO, Joe Mozden, Jr., commented, “The partnership that our Video Solutions business recently established with CTI Meeting Technology has given us a deeper window into the growing need for events-specific AI solutions ... Over the next several months, our Vidable and Video Solutions businesses will pursue this market opportunity as a joint initiative, one of many examples of how our team is capitalizing on the opportunities inherent in Sonic Foundry’s new ‘family of brands’ corporate structure.”

Sonic Foundry, Inc. provides video capture, management and streaming solutions as well as the production of virtual and hybrid events. Sonic Foundry's family of brands includes Mediasite, Video Solutions, Vidable and Global Learning Exchange (GLX).  Vidable™ delivers AI-powered video analytics and transformation tools at enterprise scale.

SOFO shares are trading on extremely heavy volume with over 36.8 million shares already traded on Thursday, far exceeding its average daily volume of 172 thousand shares.

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SOFO Price Action: According to Benzinga Pro, SOFO stock is trading 26.6% higher at $1.38 at the time of publication.

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