SoundHound AI (NASDAQ:SOUN) Shares Up 0.5% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price shot up 0.5% during mid-day trading on Monday . The company traded as high as $8.87 and last traded at $8.29. 35,778,664 shares traded hands during mid-day trading, an increase of 2% from the average session volume of 35,061,660 shares. The stock had previously closed at $8.25.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright boosted their price objective on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Finally, Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Stock Performance

The company has a market cap of $2.97 billion, a P/E ratio of -23.03 and a beta of 2.71. The company has a 50 day moving average price of $5.51 and a 200-day moving average price of $5.03. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 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 value of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. The trade was a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $204,964.88. Following the sale, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $7,189,811.36. This trade represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 277,275 shares of company stock valued at $1,355,644 over the last 90 days. 12.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently modified their holdings of SOUN. Vanguard Group Inc. boosted 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 valued at $94,655,000 after purchasing an additional 2,226,471 shares during the period. Carnegie Investment Counsel acquired a new position in shares of SoundHound AI in the third quarter worth about $4,193,000. Geode Capital Management LLC boosted its holdings in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares during the period. Bank of New York Mellon Corp increased its position in shares of SoundHound AI by 92.7% in 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 lifted its position in shares of SoundHound AI by 563.0% in the 1st 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.

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.