SoundHound AI (NASDAQ:SOUN) Trading 2.9% Higher

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 2.9% on Thursday . The stock traded as high as $5.10 and last traded at $4.99. Approximately 4,105,826 shares traded hands during trading, a decline of 89% from the average daily volume of 36,398,504 shares. The stock had previously closed at $4.85.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Wedbush restated 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 objective for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday. Finally, Northland Securities raised their price objective 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 research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Stock Up 2.7 %

The firm has a market cap of $1.64 billion, a PE ratio of -13.13 and a beta of 2.74. The firm has a 50-day moving average price of $4.92 and a two-hundred day moving average price of $4.99.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 8th. The company reported ($0.11) EPS 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%. SoundHound AI’s quarterly revenue was up 53.8% on a year-over-year basis. During the same quarter last year, the company earned ($0.10) earnings per share. Research analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction on 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 in the company, valued at approximately $3,792,303.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The disclosure for this sale can be found here. Insiders sold 374,504 shares of company stock worth $1,907,191 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Independent Advisor Alliance purchased a new stake in shares of SoundHound AI in the 4th quarter valued at approximately $28,000. Kings Path Partners LLC purchased a new stake in SoundHound AI in the second quarter valued at approximately $28,000. Hexagon Capital Partners LLC acquired a new position in SoundHound AI during the first quarter worth $29,000. International Assets Investment Management LLC purchased a new position in shares of SoundHound AI during the second quarter worth $31,000. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.