SoundHound AI (NASDAQ:SOUN) Trading 8.9% Higher – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 8.9% during trading on Friday . The company traded as high as $7.69 and last traded at $7.60. Approximately 26,256,723 shares changed hands during trading, a decline of 24% from the average daily volume of 34,698,801 shares. The stock had previously closed at $6.98.

Analyst Ratings Changes

SOUN has been the topic of several analyst reports. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright increased their price objective on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Northland Securities boosted their target price 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. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Trading Up 18.2 %

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market cap of $3.05 billion, a P/E ratio of -22.92 and a beta of 2.71. The business’s fifty day simple moving average is $5.51 and its 200 day simple moving average is $5.03.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate 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 business had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the prior year, the firm earned ($0.09) earnings per share. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other news, CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. This trade represents a 2.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI 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 sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $11,311,808.16. This represents a 2.69 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 277,275 shares of company stock valued at $1,355,644. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Carnegie Investment Counsel acquired a new position in shares of SoundHound AI in the 3rd quarter valued at $4,193,000. Vanguard Group Inc. boosted its holdings in SoundHound AI by 16.1% during the first 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. International Assets Investment Management LLC grew its position in shares of SoundHound AI by 914.6% during the 3rd quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock worth $374,000 after buying an additional 72,252 shares during the period. Bank of New York Mellon Corp increased its stake in shares of SoundHound AI by 92.7% in 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 acquiring an additional 479,912 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of SoundHound AI by 1,039.3% in the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after acquiring an additional 195,011 shares during the period. 19.28% of the stock is 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.