SoundHound AI (NASDAQ:SOUN) Shares Up 0.8%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 0.8% during mid-day trading on Monday . The stock traded as high as $4.93 and last traded at $4.82. Approximately 4,105,790 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 35,534,027 shares. The stock had previously closed at $4.78.

Analyst Ratings Changes

Several brokerages have weighed in on SOUN. Northland Securities raised their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Wedbush reissued an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research report on Thursday. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Stock Performance

The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -12.68 and a beta of 2.74. The business has a fifty day moving average price of $4.84 and a 200 day moving average price of $4.92.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results 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). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the previous year, the business posted ($0.10) earnings per share. The company’s quarterly revenue was up 53.8% compared to the same quarter last year. On average, analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Activity

In related news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction dated 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 in the company, valued at $11,529,936.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 535,275 shares of company stock worth $2,802,644. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC raised its position in SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after purchasing an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA acquired a new position in shares of SoundHound AI in the 1st quarter worth approximately $6,659,000. Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after acquiring an additional 409,917 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.