SoundHound AI (NASDAQ:SOUN) Trading 4.8% Higher – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 4.8% on Friday . The company traded as high as $17.65 and last traded at $17.19. Approximately 30,229,645 shares were traded during trading, a decline of 55% from the average daily volume of 66,453,727 shares. The stock had previously closed at $16.40.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SOUN shares. Wedbush lifted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. DA Davidson reissued a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Trading Up 2.2 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business has a 50-day simple moving average of $14.72 and a two-hundred day simple moving average of $8.44. The stock has a market cap of $6.20 billion, a price-to-earnings ratio of -46.58 and a beta of 2.63.

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

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 34,407 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the sale, the chief technology officer now directly owns 796,581 shares in the company, valued at approximately $16,170,594.30. The trade was a 4.14 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the transaction, the vice president now owns 698,226 shares in the company, valued at approximately $14,173,987.80. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently modified their holdings of the stock. Amalgamated Bank lifted its position in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of SoundHound AI by 928.9% during the 2nd quarter. Hsbc Holdings PLC now owns 155,975 shares of the company’s stock worth $613,000 after acquiring an additional 140,815 shares during the period. Sei Investments Co. bought a new stake in shares of SoundHound AI during the 2nd quarter worth approximately $43,000. Xponance Inc. acquired a new stake in shares of SoundHound AI during the 2nd quarter worth approximately $71,000. Finally, Squarepoint Ops LLC increased its stake in SoundHound AI by 818.0% in the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after acquiring an additional 205,985 shares during the last quarter. 19.28% of the stock is currently 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.