SoundHound AI (NASDAQ:SOUN) Sees Strong Trading Volume – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares saw unusually-strong trading volume on Friday . Approximately 50,764,582 shares changed hands during mid-day trading, an increase of 40% from the previous session’s volume of 36,347,176 shares.The stock last traded at $13.80 and had previously closed at $13.33.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. HC Wainwright boosted their price target on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Up 12.6 %

The company has a market cap of $5.55 billion, a price-to-earnings ratio of -41.69 and a beta of 3.03. The stock has a 50-day simple moving average of $6.47 and a 200-day simple moving average of $5.35. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.09) EPS. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In related news, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the transaction, the director now owns 451,756 shares of the company’s stock, valued at approximately $5,421,072. The trade was a 9.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Nitesh Sharan sold 39,728 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. This trade represents a 2.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 535,233 shares of company stock worth $3,801,260 in the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Kings Path Partners LLC acquired a new position in SoundHound AI during the 2nd quarter valued at about $28,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at approximately $31,000. NBC Securities Inc. boosted its position in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the last quarter. Amalgamated Bank grew its position in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares during the period. Finally, Signaturefd LLC lifted its position in shares of SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after buying an additional 2,200 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

About SoundHound AI

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.