SoundHound AI (NASDAQ:SOUN) Shares Up 0.9% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shot up 0.9% during mid-day trading on Monday . The company traded as high as $9.40 and last traded at $9.39. 22,996,337 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 35,297,688 shares. The stock had previously closed at $9.31.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright boosted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Trading Down 2.9 %

The business’s fifty day simple moving average is $5.84 and its two-hundred day simple moving average is $5.13. 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 capitalization of $3.34 billion, a P/E ratio of -26.06 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last posted 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. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.09) EPS. As a group, analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, Director Eric R. Ball sold 30,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now owns 110,907 shares in the company, valued at $890,583.21. This trade represents a 21.29 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider James Ming Hom sold 21,024 shares of the firm’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 $102,597.12. Following the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. The trade was a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 337,275 shares of company stock valued at $1,811,044 over the last quarter. 12.28% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased 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 purchasing an additional 2,226,471 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of SoundHound AI by 124.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 73,112 shares of the company’s stock worth $431,000 after buying an additional 40,495 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 shares during the period. Cetera Advisors LLC bought a new position in SoundHound AI in the first quarter valued at approximately $327,000. Finally, City State Bank grew its holdings in SoundHound AI by 1,225.0% during the 2nd quarter. City State Bank now owns 11,925 shares of the company’s stock worth $47,000 after acquiring an additional 11,025 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.