SoundHound AI (NASDAQ:SOUN) Trading Up 3.8% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 3.8% during trading on Friday . The stock traded as high as $5.49 and last traded at $5.43. 6,944,965 shares changed hands during trading, a decline of 80% from the average session volume of 34,244,023 shares. The stock had previously closed at $5.23.

Analyst Ratings Changes

SOUN has been the subject of a number of research analyst reports. Northland Securities lifted their target price on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Stock Up 5.2 %

The company’s 50-day moving average price is $4.88 and its 200-day moving average price is $4.74. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -14.47 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last released its earnings results 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). The firm had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business’s revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) EPS. Analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,275 shares of company stock worth $1,606,644. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC purchased a new position in shares of SoundHound AI during the 1st quarter worth $29,000. DecisionPoint Financial LLC purchased a new position in shares of SoundHound AI during the 1st quarter worth approximately $40,000. Kings Path Partners LLC purchased a new stake in SoundHound AI in the second quarter valued at approximately $28,000. NBC Securities Inc. lifted its stake in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of SoundHound AI during the second quarter worth $31,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.