SoundHound AI (NASDAQ:SOUN) Stock Price Up 6.7% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 6.7% on Friday . The company traded as high as $21.64 and last traded at $21.52. Approximately 32,755,479 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 43,449,074 shares. The stock had previously closed at $20.16.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. HC Wainwright lifted their price target on SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday, December 23rd. DA Davidson reiterated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Trading Up 2.3 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a 50-day moving average of $12.20 and a 200-day moving average of $7.38. The firm has a market capitalization of $7.62 billion, a P/E ratio of -57.28 and a beta of 3.03.

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

Insider Transactions at SoundHound AI

In related news, 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 completion of the sale, the vice president now owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently bought and sold shares of SOUN. Franklin Resources Inc. bought a new position in shares of SoundHound AI in the 3rd quarter worth approximately $177,000. Sanctuary Advisors LLC grew its stake in SoundHound AI by 13.8% in the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock worth $140,000 after purchasing an additional 3,642 shares during the period. Geode Capital Management LLC raised its holdings in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares in the last quarter. MML Investors Services LLC bought a new stake in shares of SoundHound AI during the 3rd quarter valued at $86,000. Finally, State Street Corp grew its position in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares during the period. 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.