SoundHound AI (NASDAQ:SOUN) Trading Up 1.3% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 1.3% during mid-day trading on Tuesday . The stock traded as high as $6.25 and last traded at $6.20. Approximately 15,597,997 shares changed hands during trading, a decline of 54% from the average daily volume of 33,969,375 shares. The stock had previously closed at $6.12.

Analyst Ratings Changes

SOUN has been the topic of several research reports. 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. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $7.00 in a research note on Friday, August 9th. DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Performance

The company has a market capitalization of $1.96 billion, a P/E ratio of -13.97 and a beta of 2.73. The firm has a 50 day moving average price of $4.94 and a two-hundred day moving average price of $4.77.

SoundHound AI (NASDAQ:SOUN) last released 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). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the prior year, the company posted ($0.10) earnings per share. The company’s revenue for the quarter was up 53.8% on a year-over-year basis. On average, equities analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, CFO Nitesh Sharan sold 39,728 shares of the business’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 $193,872.64. Following the transaction, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Nitesh Sharan sold 39,728 shares of the business’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 $193,872.64. Following the transaction, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock valued at $1,606,644 in the last three months. 12.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares during the last quarter. Baupost Group LLC MA acquired a new position in SoundHound AI in the first quarter valued at about $6,659,000. Bank of New York Mellon Corp boosted its holdings in SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares during the last quarter. Carnegie Investment Counsel acquired a new position in shares of SoundHound AI during the 3rd quarter worth about $4,193,000. Finally, Janus Henderson Group PLC increased its stake 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 during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.