SoundHound AI (NASDAQ:SOUN) Shares Up 4.6% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 4.6% during mid-day trading on Friday . The stock traded as high as $5.31 and last traded at $5.26. Approximately 5,058,404 shares were traded during trading, a decline of 85% from the average daily volume of 33,852,609 shares. The stock had previously closed at $5.03.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities boosted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Up 2.2 %

The stock has a fifty day moving average of $4.94 and a 200-day moving average of $4.77. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -13.49 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) earnings per share 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 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%. SoundHound AI’s revenue was up 53.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) earnings per share. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity

In other news, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Keyvan Mohajer sold 90,641 shares of the company’s stock in a transaction that occurred 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 owns 2,362,692 shares in the company, valued at $11,529,936.96. This 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 is available through this link. Also, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,275 shares of company stock valued at $1,606,644. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Kings Path Partners LLC acquired a new stake in SoundHound AI in the second quarter valued at $28,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI during the second quarter valued at $31,000. NBC Securities Inc. boosted its stake in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares during the last quarter. Amalgamated Bank boosted its stake in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in shares of SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after acquiring an additional 2,200 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.