SoundHound AI (NASDAQ:SOUN) Trading 2.4% Higher – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 2.4% during mid-day trading on Wednesday . The company traded as high as $6.82 and last traded at $6.80. Approximately 27,237,208 shares were traded during mid-day trading, a decline of 0% from the average daily volume of 27,348,912 shares. The stock had previously closed at $6.64.

Analyst Ratings Changes

SOUN has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. Finally, DA Davidson restated a “buy” rating and issued a $14.00 price objective on shares of SoundHound AI in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.93.

SoundHound AI Trading Up 2.4%

The stock has a 50 day moving average of $7.71 and a 200-day moving average of $8.30. The company has a market capitalization of $2.94 billion, a P/E ratio of -14.47 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The firm had revenue of $44.20 million for the quarter, compared to the consensus estimate of $42.56 million. During the same quarter in the previous year, the business posted ($0.06) EPS. SoundHound AI’s revenue was up 51.7% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.45 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, insider James Ming Hom sold 28,843 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $215,168.78. Following the completion of the sale, the insider owned 743,521 shares in the company, valued at approximately $5,546,666.66. This represents a 3.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 28,843 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $7.46, for a total value of $215,168.78. Following the sale, the senior vice president directly owned 472,983 shares in the company, valued at approximately $3,528,453.18. This represents a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 268,022 shares of company stock worth $1,999,444. 8.84% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Several institutional investors have recently made changes to their positions in SOUN. Vanguard Group Inc. raised its position in shares of SoundHound AI by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock valued at $452,313,000 after buying an additional 1,909,868 shares during the last quarter. Rakuten Securities Inc. boosted its position in shares of SoundHound AI by 877.9% during the fourth quarter. Rakuten Securities Inc. now owns 333,605 shares of the company’s stock worth $3,326,000 after acquiring an additional 299,492 shares during the last quarter. Clear Street Group Inc. bought a new position in shares of SoundHound AI during the third quarter worth $12,944,000. UBS Group AG grew its stake in SoundHound AI by 77.6% during the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after acquiring an additional 2,676,707 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in SoundHound AI by 140.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 266,576 shares of the company’s stock valued at $2,826,000 after acquiring an additional 155,743 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.