SoundHound AI (NASDAQ:SOUN) Trading 25.6% Higher – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 25.6% during trading on Thursday . The stock traded as high as $13.06 and last traded at $12.75. 75,385,189 shares were traded during trading, an increase of 111% from the average session volume of 35,751,316 shares. The stock had previously closed at $10.15.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Barclays reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, HC Wainwright boosted 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. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Trading Up 12.6 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market cap of $5.55 billion, a PE ratio of -41.61 and a beta of 3.03. The company’s 50 day simple moving average is $6.27 and its two-hundred day simple moving average is $5.28.

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

Insider Transactions at SoundHound AI

In other news, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now owns 451,756 shares in the company, valued at approximately $5,421,072. The trade was a 9.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the sale, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. The trade was a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 535,233 shares of company stock valued at $3,801,260 in the last 90 days. 12.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kings Path Partners LLC acquired a new position in shares of SoundHound AI in the 2nd quarter valued at approximately $28,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI during the 2nd quarter valued at approximately $31,000. NBC Securities Inc. increased its position in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares during the period. Amalgamated Bank increased its position in SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares during the period. Finally, Signaturefd LLC increased its position in SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after buying an additional 2,200 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.