SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.1% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 1.1% during trading on Thursday . The stock traded as high as $4.68 and last traded at $4.68. Approximately 2,567,906 shares changed hands during trading, a decline of 93% from the average daily volume of 34,505,691 shares. The stock had previously closed at $4.63.

Analyst Ratings Changes

A number of equities research analysts recently commented on SOUN shares. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Cantor Fitzgerald raised 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 report on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, Northland Securities lifted 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 note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Price Performance

The firm has a market cap of $1.61 billion, a P/E ratio of -12.84 and a beta of 2.73. The stock’s 50-day simple moving average is $4.80 and its two-hundred day simple moving average is $4.77.

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

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the transaction, the chief financial officer now directly owns 1,560,411 shares in the company, valued at $7,614,805.68. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the sale, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at approximately $11,529,936.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock valued at $1,606,644 in the last quarter. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position 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 purchasing an additional 2,226,471 shares during the period. Baupost Group LLC MA bought a new position in SoundHound AI in the first quarter worth approximately $6,659,000. Bank of New York Mellon Corp raised its stake in 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 worth $3,940,000 after buying an additional 479,912 shares in the last quarter. Janus Henderson Group PLC boosted its position in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after acquiring an additional 409,917 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in shares of SoundHound AI by 31.2% in the 2nd quarter. Commonwealth Equity Services LLC now owns 388,877 shares of the company’s stock valued at $1,536,000 after acquiring an additional 92,449 shares during the period. 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.