SoundHound AI (NASDAQ:SOUN) Shares Up 0.4% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 0.4% during trading on Tuesday . The stock traded as high as $4.82 and last traded at $4.76. 3,749,052 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 34,761,180 shares. The stock had previously closed at $4.74.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SOUN shares. HC Wainwright restated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. Northland Securities increased their price objective 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 reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Stock Down 0.8 %

The business has a fifty day moving average of $4.81 and a 200 day moving average of $4.78. The company has a market cap of $1.55 billion, a P/E ratio of -12.37 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last issued 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). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. During the same quarter last year, the business earned ($0.10) earnings per share. The business’s quarterly revenue was up 53.8% on a year-over-year basis. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares in the company, valued at $371,670.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the completion of the sale, the chief technology officer now owns 659,531 shares in the company, valued at $3,792,303.25. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 535,275 shares of company stock worth $2,802,644. 21.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Baupost Group LLC MA acquired a new stake in SoundHound AI in the 1st quarter valued at about $6,659,000. Bank of New York Mellon Corp grew its holdings 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 worth $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Janus Henderson Group PLC lifted its stake in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after purchasing an additional 409,917 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of SoundHound AI by 31.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 388,877 shares of the company’s stock valued at $1,536,000 after buying an additional 92,449 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.