SoundHound AI (NASDAQ:SOUN) Trading 2.9% Higher

SoundHound AI, Inc. (NASDAQ:SOUN) rose 2.9% on Thursday . The company traded as high as $5.10 and last traded at $4.99. Approximately 4,105,826 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 36,398,504 shares. The stock had previously closed at $4.85.

Wall Street Analyst Weigh In

SOUN has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Friday, August 9th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Northland Securities increased their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Price Performance

The stock has a market capitalization of $1.64 billion, a PE ratio of -13.08 and a beta of 2.74. The company has a 50 day moving average price of $4.91 and a 200-day moving average price of $4.99.

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

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction that occurred 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 sale, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the sale, the chief executive officer now owns 953,333 shares in the company, valued at $3,765,665.35. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 374,504 shares of company stock valued at $1,907,191. 21.30% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Hexagon Capital Partners LLC purchased a new stake in SoundHound AI during the 1st quarter valued at about $29,000. DecisionPoint Financial LLC bought a new position in shares of SoundHound AI in the first quarter worth approximately $40,000. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI during the second quarter valued at approximately $28,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI during the second quarter valued at approximately $31,000. Finally, Amalgamated Bank raised its holdings in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares during the last quarter. Hedge funds and other 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.