SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.6%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 0.6% during mid-day trading on Friday . The stock traded as high as $4.98 and last traded at $4.90. Approximately 3,301,106 shares were traded during trading, a decline of 91% from the average daily volume of 36,923,406 shares. The stock had previously closed at $4.87.

Analyst Upgrades and Downgrades

SOUN has been the topic of several research analyst reports. Northland Securities raised their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Friday, August 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and five have given 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 Trading Down 0.2 %

The stock has a market cap of $1.74 billion, a P/E ratio of -12.89 and a beta of 2.74. The business has a 50-day simple moving average of $4.89 and a 200 day simple moving average of $5.04.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) EPS. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Timothy Stonehocker sold 16,039 shares of SoundHound AI stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $64,797.56. Following the completion of the transaction, the chief technology officer now directly owns 867,531 shares of the company’s stock, valued at approximately $3,504,825.24. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CTO Timothy Stonehocker sold 16,039 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $64,797.56. Following the transaction, the chief technology officer now directly owns 867,531 shares in the company, valued at $3,504,825.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 67,994 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $274,695.76. Following the sale, the chief executive officer now owns 1,069,837 shares in the company, valued at $4,322,141.48. The disclosure for this sale can be found here. Insiders sold 521,728 shares of company stock valued at $2,501,976 over the last three months. Insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of SoundHound AI by 16.1% in 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 period. Intrinsic Edge Capital Management LLC grew its holdings in shares of SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $6,659,000. Bank of New York Mellon Corp lifted its stake in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 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.