SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.6% – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 0.6% during trading on Tuesday . The company traded as high as $5.45 and last traded at $5.22. Approximately 11,398,922 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 34,408,371 shares. The stock had previously closed at $5.19.

Wall Street Analyst Weigh In

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

SoundHound AI Price Performance

The business’s 50 day moving average is $4.86 and its two-hundred day moving average is $4.74. The firm has a market capitalization of $1.72 billion, a PE ratio of -13.89 and a beta of 2.73.

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

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 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 transaction, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 327,275 shares of company stock valued at $1,606,644. 21.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SOUN. Kings Path Partners LLC bought a new stake in SoundHound AI in the second quarter valued at $28,000. Hexagon Capital Partners LLC bought a new stake in SoundHound AI in the first quarter valued at $29,000. International Assets Investment Management LLC bought a new stake in SoundHound AI in the second quarter valued at $31,000. NBC Securities Inc. boosted its holdings in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. Finally, HighPoint Advisor Group LLC bought a new stake in SoundHound AI in the fourth quarter valued at $37,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.