SoundHound AI (NASDAQ:SOUN) Trading 1.1% Higher

SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 1.1% during mid-day trading on Wednesday . The stock traded as high as $4.62 and last traded at $4.61. 4,082,565 shares changed hands during trading, a decline of 89% from the average session volume of 38,003,426 shares. The stock had previously closed at $4.56.

Analysts Set New Price Targets

SOUN has been the topic of a number of research analyst reports. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Friday, August 9th. Northland Securities increased their price target 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, HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Trading Down 0.2 %

The stock’s 50 day moving average price is $4.81 and its 200 day moving average price is $5.02. The firm has a market cap of $1.47 billion, a PE ratio of -11.79 and a beta of 2.77.

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

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 16,039 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $64,797.56. Following the completion of the sale, the chief technology officer now owns 867,531 shares of the company’s stock, valued at approximately $3,504,825.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Keyvan Mohajer sold 116,504 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $3.95, for a total transaction of $460,190.80. Following the transaction, the chief executive officer now directly owns 953,333 shares in the company, valued at $3,765,665.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 16,039 shares of SoundHound AI stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $64,797.56. Following the completion of the transaction, the chief technology officer now directly owns 867,531 shares of the company’s stock, valued at approximately $3,504,825.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 571,728 shares of company stock valued at $2,742,476. 21.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its holdings in shares of SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after purchasing an additional 2,629 shares during the period. Vanguard Group Inc. lifted its holdings in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the period. Commonwealth Equity Services LLC boosted its stake in SoundHound AI by 239.7% during the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares in the last quarter. SG Americas Securities LLC grew its holdings in SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after acquiring an additional 195,011 shares during the period. Finally, Concurrent Investment Advisors LLC bought a new stake in SoundHound AI in the first quarter worth about $199,000. 19.28% of the stock is owned by institutional investors.

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.