SoundHound AI (NASDAQ:SOUN) Stock Price Up 1%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price shot up 1% on Thursday . The stock traded as high as $5.03 and last traded at $4.94. 4,110,804 shares were traded during mid-day trading, a decline of 89% from the average session volume of 35,785,855 shares. The stock had previously closed at $4.89.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, Northland Securities upped 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 assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

The stock has a market capitalization of $1.61 billion, a P/E ratio of -13.00 and a beta of 2.74. The company has a 50-day moving average price of $4.84 and a two-hundred day moving average price of $4.97.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate 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 company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same period last year, the business earned ($0.10) EPS. The business’s quarterly revenue was up 53.8% compared to the same quarter last year. Research analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction on Thursday, July 11th. The shares were 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 owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the 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 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 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. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

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