SoundHound AI (NASDAQ:SOUN) Trading Up 0.9% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price shot up 0.9% on Friday . The company traded as high as $4.83 and last traded at $4.73. 3,722,854 shares were traded during trading, a decline of 89% from the average session volume of 35,023,289 shares. The stock had previously closed at $4.69.

Analyst Ratings Changes

A number of research firms recently weighed in on SOUN. Wedbush reaffirmed an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Thursday, September 26th. Northland Securities increased their price objective 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. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday. Finally, Cantor Fitzgerald raised shares of 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 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 data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Trading Up 0.6 %

The company’s 50 day moving average is $4.83 and its 200 day moving average is $4.86. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -12.37 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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%. The company’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. Analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction dated 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 sale, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction dated 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 sale, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the sale, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 535,275 shares of company stock valued at $2,802,644 over the last quarter. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after acquiring an additional 2,629 shares during the last quarter. Vanguard Group Inc. raised its position in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the last quarter. Commonwealth Equity Services LLC raised its position in shares of SoundHound AI by 239.7% in the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of SoundHound AI by 92.7% in 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 buying an additional 479,912 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of SoundHound AI by 1,039.3% in the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after buying an additional 195,011 shares during the last quarter. 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.