SoundHound AI (NASDAQ:SOUN) Shares Up 14% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 14% during trading on Friday . The company traded as high as $9.07 and last traded at $8.98. Approximately 28,791,774 shares changed hands during trading, a decline of 18% from the average daily volume of 35,138,441 shares. The stock had previously closed at $7.88.

Analyst Upgrades and Downgrades

Several analysts have issued reports on SOUN shares. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. 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 report on Friday, August 9th. Barclays reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Performance

The company has a market cap of $3.44 billion, a P/E ratio of -25.86 and a beta of 2.71. The stock’s 50-day moving average price is $5.84 and its 200-day moving average price is $5.14. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the prior year, the business posted ($0.09) EPS. The business’s revenue was up 88.7% compared to the same quarter last year. Equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other news, Director Eric R. Ball sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. This represents a 21.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the transaction, the insider now directly owns 865,965 shares in the company, valued at $4,225,909.20. This trade represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 337,275 shares of company stock worth $1,811,044 in the last 90 days. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. raised its holdings in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after buying an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC grew its position in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after acquiring an additional 1,975 shares during the last quarter. Genesee Capital Advisors LLC raised its stake in SoundHound AI by 11.4% during the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after acquiring an additional 2,000 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. boosted its stake in shares of SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 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.