SoundHound AI (NASDAQ:SOUN) Trading Up 2.3% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 2.3% during trading on Thursday . The stock traded as high as $5.63 and last traded at $5.37. 11,069,018 shares changed hands during trading, a decline of 68% from the average session volume of 34,324,918 shares. The stock had previously closed at $5.25.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Northland Securities boosted 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. Finally, Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. 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 stock has an average rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Performance

The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -13.89 and a beta of 2.73. The company has a 50-day moving average price of $4.86 and a 200-day moving average price of $4.74.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share 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 analyst estimates 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 for the quarter was up 53.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) earnings per share. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of 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 represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the sale, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 327,275 shares of company stock valued at $1,606,644. 21.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

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

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.