SoundHound AI (NASDAQ:SOUN) Shares Up 3.2%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 3.2% during trading on Friday . The company traded as high as $5.13 and last traded at $5.09. 6,751,593 shares were traded during trading, a decline of 83% from the average session volume of 39,108,016 shares. The stock had previously closed at $4.93.

Analyst Upgrades and Downgrades

SOUN has been the subject of several recent analyst reports. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Monday, August 12th. Finally, Northland Securities raised their target price on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Trading Up 2.0 %

The business has a fifty day moving average of $4.68 and a two-hundred day moving average of $4.87. The firm has a market cap of $1.66 billion, a price-to-earnings ratio of -13.24 and a beta of 2.77. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last announced 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 net margin of 183.49% and a negative return on equity of 163.00%. The firm 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 business earned ($0.10) EPS. The company’s quarterly revenue was up 53.8% compared to the same quarter last year. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the transaction, the insider now directly owns 486,989 shares in the company, valued at approximately $1,967,435.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Keyvan Mohajer sold 67,994 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $274,695.76. Following the sale, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 16,716 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 transaction of $67,532.64. Following the completion of the transaction, the insider now directly owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The disclosure for this sale can be found here. Insiders have sold 675,728 shares of company stock valued at $3,262,476 over the last quarter. Corporate insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Truist Financial Corp boosted its position in SoundHound AI by 432.9% during the second quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock worth $382,000 after acquiring an additional 125,785 shares during the last quarter. B. Riley Wealth Advisors Inc. purchased a new position in shares of SoundHound AI during the 2nd quarter worth $113,000. Algert Global LLC acquired a new stake in shares of SoundHound AI during the second quarter worth $103,000. Shellback Capital LP purchased a new stake in shares of SoundHound AI in the second quarter valued at $1,196,000. Finally, The Manufacturers Life Insurance Company increased its stake in SoundHound AI by 101.7% in the second quarter. The Manufacturers Life Insurance Company now owns 106,076 shares of the company’s stock valued at $419,000 after purchasing an additional 53,490 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other 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.