SoundHound AI (NASDAQ:SOUN) Trading Up 0.8%

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 0.8% on Monday . The stock traded as high as $4.93 and last traded at $4.82. Approximately 4,105,790 shares changed hands during trading, a decline of 88% from the average daily volume of 35,534,027 shares. The stock had previously closed at $4.78.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of recent research reports. Wedbush reissued an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. DA Davidson reissued a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday. Northland Securities raised their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. 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 a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Performance

The company has a 50 day moving average price of $4.84 and a two-hundred day moving average price of $4.92. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of -12.68 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 (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The business had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. SoundHound AI’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.10) EPS. On average, equities analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. The disclosure for this sale can be found here. Insiders have sold a total of 535,275 shares of company stock worth $2,802,644 in the last ninety days. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after acquiring an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC grew its position in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA acquired a new position in SoundHound AI in the 1st quarter valued at approximately $6,659,000. Bank of New York Mellon Corp raised its holdings in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in SoundHound AI by 563.0% during the first 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. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Company Profile

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.