SoundHound AI (NASDAQ:SOUN) Trading Up 1.5%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 1.5% during trading on Wednesday . The company traded as high as $4.65 and last traded at $4.63. 3,255,337 shares traded hands during trading, a decline of 91% from the average session volume of 35,300,152 shares. The stock had previously closed at $4.56.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday. Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Price Performance

The company’s 50-day simple moving average is $4.82 and its two-hundred day simple moving average is $4.86. The firm has a market capitalization of $1.54 billion, a P/E ratio of -12.18 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. During the same quarter last year, the firm posted ($0.10) earnings per share. SoundHound AI’s revenue for the quarter was up 53.8% on a year-over-year basis. Analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 value of $1,196,000.00. Following the sale, the chief technology officer now owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 535,275 shares of company stock worth $2,802,644. Company insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hexagon Capital Partners LLC purchased a new position in shares of SoundHound AI during the first quarter valued at about $29,000. DecisionPoint Financial LLC bought a new stake in SoundHound AI in the 1st quarter worth approximately $40,000. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI during the 2nd quarter worth approximately $28,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI during the 2nd quarter valued at approximately $31,000. Finally, Amalgamated Bank grew its holdings in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

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.