SoundHound AI (NASDAQ:SOUN) Shares Up 1%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 1% during trading on Monday . The company traded as high as $4.96 and last traded at $4.89. 9,303,200 shares were traded during trading, a decline of 76% from the average session volume of 38,342,824 shares. The stock had previously closed at $4.84.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SOUN shares. Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research report on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities boosted their price objective 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, HC Wainwright reiterated a “buy” rating and set a $7.00 target price 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 company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Trading Down 6.7 %

The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -12.00 and a beta of 2.77. The firm’s 50 day simple moving average is $4.79 and its two-hundred day simple moving average is $5.02.

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). The business 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 firm’s quarterly revenue was up 53.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. As a group, equities research analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was 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 owns 74,038 shares of the company’s stock, valued at $371,670.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now owns 74,038 shares in the company, valued at approximately $371,670.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 208,000 shares of the business’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 disclosure for this sale can be found here. In the last three months, insiders sold 571,728 shares of company stock worth $2,742,476. 21.30% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Independent Advisor Alliance bought a new position in shares of SoundHound AI in the fourth quarter worth about $28,000. Kings Path Partners LLC acquired a new position in SoundHound AI during the 2nd quarter worth approximately $28,000. Hexagon Capital Partners LLC bought a new position in SoundHound AI in the 1st quarter valued at approximately $29,000. International Assets Investment Management LLC bought a new position in SoundHound AI in the 2nd quarter valued at approximately $31,000. Finally, HighPoint Advisor Group LLC acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $37,000. 19.28% of the stock is 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.