SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.5%

SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 1.5% on Tuesday . The company traded as high as $4.88 and last traded at $4.83. 2,544,772 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 36,607,070 shares. The stock had previously closed at $4.76.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research analyst reports. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Monday, August 12th. 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. Northland Securities boosted their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Trading Up 0.6 %

The firm has a fifty day moving average price of $4.91 and a 200 day moving average price of $5.00. The firm has a market capitalization of $1.58 billion, a price-to-earnings ratio of -12.71 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same period in the prior year, the firm posted ($0.10) EPS. SoundHound AI’s revenue for the quarter was up 53.8% compared to the same quarter last year. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Timothy Stonehocker sold 16,039 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $64,797.56. Following the transaction, the chief technology officer now directly owns 867,531 shares in the company, valued at $3,504,825.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CTO Timothy Stonehocker sold 16,039 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $64,797.56. Following the transaction, the chief technology officer now owns 867,531 shares in the company, valued at $3,504,825.24. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. The disclosure for this sale can be found here. Insiders have sold a total of 521,728 shares of company stock valued at $2,501,976 in the last 90 days. 21.30% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently bought and sold shares of SOUN. Swiss National Bank grew its position in SoundHound AI by 13.9% in the fourth quarter. Swiss National Bank now owns 400,500 shares of the company’s stock valued at $849,000 after purchasing an additional 49,000 shares in the last quarter. Independent Advisor Alliance bought a new position in SoundHound AI during the fourth quarter worth $28,000. Soviero Asset Management LP acquired a new position in shares of SoundHound AI in the fourth quarter valued at $106,000. Intrinsic Edge Capital Management LLC raised its position in shares of SoundHound AI by 47.7% in 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 during the period. Finally, Quadrature Capital Ltd boosted its holdings in shares of SoundHound AI by 67.1% during the fourth quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock worth $807,000 after acquiring an additional 153,273 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.