SoundHound AI (NASDAQ:SOUN) Stock Price Up 5.2%

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 5.2% during mid-day trading on Wednesday . The stock traded as high as $5.10 and last traded at $5.05. 6,558,849 shares were traded during mid-day trading, a decline of 82% from the average session volume of 36,469,277 shares. The stock had previously closed at $4.80.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday. Northland Securities increased their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research report on Friday, August 9th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Price Performance

The company has a fifty day moving average price of $4.92 and a 200 day moving average price of $4.99. The company has a market cap of $1.66 billion, a PE ratio of -13.29 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. SoundHound AI’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) earnings per share. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity

In other news, CEO Keyvan Mohajer sold 67,994 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $274,695.76. Following the completion of the sale, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at approximately $4,322,141.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Keyvan Mohajer sold 67,994 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $274,695.76. Following the completion of the sale, the chief executive officer now directly owns 1,069,837 shares in the company, valued at approximately $4,322,141.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Timothy Stonehocker sold 16,039 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $64,797.56. Following the sale, the chief technology officer now directly owns 867,531 shares of the company’s stock, valued at approximately $3,504,825.24. The disclosure for this sale can be found here. Over the last three months, insiders have sold 521,728 shares of company stock valued at $2,501,976. 21.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. increased its position in SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after purchasing an additional 2,629 shares during the period. Vanguard Group Inc. raised its stake in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in SoundHound AI by 239.7% in the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after buying an additional 209,154 shares during the period. Bank of New York Mellon Corp boosted its position in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of SoundHound AI by 1,039.3% during the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after acquiring an additional 195,011 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.