SoundHound AI (NASDAQ:SOUN) Trading Up 1.5%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 1.5% on Tuesday . The company traded as high as $4.88 and last traded at $4.83. Approximately 2,544,772 shares changed hands during trading, a decline of 93% from the average daily volume of 36,607,070 shares. The stock had previously closed at $4.76.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday. Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Friday, August 9th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, Northland Securities upped their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note 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 MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Trading Up 3.3 %

The company has a 50-day moving average price of $4.92 and a two-hundred day moving average price of $4.99. The stock has a market cap of $1.65 billion, a P/E ratio of -13.13 and a beta of 2.74.

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

Insider Activity

In related news, CEO Keyvan Mohajer sold 116,504 shares of SoundHound AI stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the sale, the chief executive officer now owns 953,333 shares in the company, valued at approximately $3,765,665.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the transaction, the chief executive officer now directly owns 953,333 shares in the company, valued at approximately $3,765,665.35. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 374,504 shares of company stock valued at $1,907,191. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC grew its holdings in 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 worth $10,278,000 after purchasing an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA acquired a new position in shares of SoundHound AI during the first quarter worth $6,659,000. Bank of New York Mellon Corp lifted its holdings in shares of SoundHound AI by 92.7% during the 2nd 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 during the last quarter. Finally, Janus Henderson Group PLC grew its stake in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying 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.