SoundHound AI (NASDAQ:SOUN) Shares Up 0.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 0.9% during trading on Friday . The company traded as high as $4.83 and last traded at $4.73. 3,722,854 shares were traded during trading, a decline of 89% from the average session volume of 35,023,289 shares. The stock had previously closed at $4.69.

Analyst Ratings Changes

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

SoundHound AI Stock Performance

The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -12.34 and a beta of 2.73. The stock has a 50-day simple moving average of $4.82 and a 200-day simple moving average of $4.84.

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 the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million during 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%. The company’s revenue was up 53.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.10) earnings per share. On average, research analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the sale, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. 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 through this link. In other news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, 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 sale, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 535,275 shares of company stock valued at $2,802,644. Insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Kings Path Partners LLC acquired a new stake in SoundHound AI in the second quarter worth $28,000. Hexagon Capital Partners LLC bought a new position in SoundHound AI in the 1st quarter worth approximately $29,000. International Assets Investment Management LLC bought a new position in SoundHound AI in the 2nd quarter worth approximately $31,000. HighPoint Advisor Group LLC acquired a new stake in SoundHound AI in the 4th quarter valued at approximately $37,000. Finally, Amalgamated Bank raised its stake in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares in the last quarter. Institutional investors 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.