SoundHound AI (NASDAQ:SOUN) Trading 1.7% Higher – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 1.7% during mid-day trading on Thursday . The company traded as high as $7.03 and last traded at $6.55. 23,274,389 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 34,522,336 shares. The stock had previously closed at $6.44.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. HC Wainwright raised their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Price Performance

The firm has a 50 day moving average price of $5.40 and a 200 day moving average price of $4.99. The stock has a market cap of $2.53 billion, a P/E ratio of -18.19 and a beta of 2.71. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.09) EPS. On average, analysts forecast that SoundHound AI, Inc. will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction 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 approximately $11,311,808.16. This represents a 2.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 20,337 shares of the company’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 $99,244.56. Following the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 277,275 shares of company stock worth $1,355,644 over the last ninety days. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SOUN. Geode Capital Management LLC boosted its stake in shares of 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 buying an additional 602,311 shares during the last quarter. MML Investors Services LLC acquired a new stake in shares of SoundHound AI during the 3rd quarter valued at about $86,000. State Street Corp boosted its position in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Stifel Financial Corp increased its position in shares of SoundHound AI by 122.4% in the third quarter. Stifel Financial Corp now owns 148,970 shares of the company’s stock valued at $694,000 after buying an additional 81,990 shares in the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of SoundHound AI during the 3rd quarter worth approximately $148,000. 19.28% of the stock is currently owned by hedge funds and other 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.