SoundHound AI (NASDAQ:SOUN) Trading Up 1.3% – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 1.3% during mid-day trading on Tuesday . The stock traded as high as $6.25 and last traded at $6.20. Approximately 15,597,997 shares changed hands during trading, a decline of 54% from the average daily volume of 33,969,375 shares. The stock had previously closed at $6.12.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SOUN shares. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. Northland Securities lifted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Cantor Fitzgerald upgraded 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 report on Friday, August 9th. Finally, DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Down 9.3 %

The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -13.97 and a beta of 2.73. The business has a 50-day moving average of $4.94 and a 200-day moving average of $4.77.

SoundHound AI (NASDAQ:SOUN) last released 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). The firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. SoundHound AI’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same period in the previous year, the business posted ($0.10) EPS. Equities analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. 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 at this hyperlink. In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. 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 at this hyperlink. Also, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 over the last quarter. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently made changes to their positions in SOUN. Wealthcare Advisory Partners LLC acquired a new position in shares of SoundHound AI during the 1st quarter worth about $85,000. Principal Financial Group Inc. lifted its position in shares of SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after purchasing an additional 2,629 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in shares of SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after purchasing an additional 209,154 shares during the last quarter. DecisionPoint Financial LLC acquired a new position in shares of SoundHound AI during the 1st quarter worth about $40,000. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of SoundHound AI during the 1st quarter worth about $107,000. Institutional investors and hedge funds 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.