SoundHound AI (NASDAQ:SOUN) Shares Up 18.4% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 18.4% during trading on Friday . The company traded as high as $16.20 and last traded at $16.19. Approximately 51,214,255 shares were traded during mid-day trading, an increase of 35% from the average daily volume of 37,963,480 shares. The stock had previously closed at $13.67.

Wall Street Analyst Weigh In

SOUN has been the subject of several recent research reports. HC Wainwright boosted their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. 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. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Stock Performance

The company has a market cap of $6.25 billion, a P/E ratio of -46.97 and a beta of 3.03. The stock has a fifty day moving average price of $7.48 and a two-hundred day moving average price of $5.69. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) 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 company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) EPS. The firm’s quarterly revenue was up 88.7% on a year-over-year basis. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other news, VP Majid Emami sold 298,086 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $4,483,213.44. Following the completion of the sale, the vice president now owns 735,685 shares in the company, valued at $11,064,702.40. This represents a 28.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Michael Zagorsek sold 42,001 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $204,964.88. Following the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $7,189,811.36. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,035,416 shares of company stock worth $26,334,544 in the last 90 days. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Carnegie Investment Counsel acquired a new position in shares of SoundHound AI in the 3rd quarter worth approximately $4,193,000. Geode Capital Management LLC boosted its holdings in SoundHound AI by 9.1% during 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 in the last quarter. Bank of New York Mellon Corp grew its position in 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 buying an additional 479,912 shares during the last quarter. Shellback Capital LP bought a new position in shares of SoundHound AI in the second quarter valued at $1,196,000. Finally, Squarepoint Ops LLC increased its holdings in shares of 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 buying an additional 205,985 shares in the last quarter. 19.28% of the stock is 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.