SoundHound AI (NASDAQ:SOUN) Trading 3.6% Higher – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 3.6% on Thursday . The stock traded as high as $5.18 and last traded at $5.16. 5,819,697 shares were traded during trading, a decline of 83% from the average session volume of 34,026,414 shares. The stock had previously closed at $4.98.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several research reports. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Finally, DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Price Performance

The business’s fifty day moving average price is $4.90 and its 200-day moving average price is $4.74. The stock has a market capitalization of $1.71 billion, a PE ratio of -13.63 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $13.46 million during 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 business’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) earnings per share. On average, analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the firm’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 sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,275 shares of company stock valued at $1,606,644. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the company. Hexagon Capital Partners LLC bought a new stake in SoundHound AI in the 1st quarter worth approximately $29,000. DecisionPoint Financial LLC bought a new stake in shares of SoundHound AI in the 1st quarter worth approximately $40,000. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI in the 2nd quarter valued at $28,000. NBC Securities Inc. grew its holdings in shares of SoundHound AI by 97.8% during the 3rd 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. Finally, International Assets Investment Management LLC purchased a new position in SoundHound AI in the 2nd quarter worth $31,000. 19.28% of the stock is currently owned by 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.