SoundHound AI (NASDAQ:SOUN) Trading Up 12.6% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) was up 12.6% during trading on Monday . The company traded as high as $15.10 and last traded at $15.01. Approximately 218,916,405 shares were traded during mid-day trading, an increase of 214% from the average daily volume of 69,755,192 shares. The stock had previously closed at $13.33.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several recent research reports. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Finally, HC Wainwright upped their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Trading Down 5.5 %

The business’s 50-day simple moving average is $6.88 and its 200-day simple moving average is $5.48. The company has a market cap of $5.26 billion, a PE ratio of -39.53 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insider Activity

In related news, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,035,416 shares of company stock worth $26,334,544 in the last three months. 12.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Franklin Resources Inc. bought a new stake in SoundHound AI during the third quarter worth approximately $177,000. Sanctuary Advisors LLC lifted its stake in shares of 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 buying an additional 3,642 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of SoundHound AI by 9.1% during the 3rd 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 period. MML Investors Services LLC bought a new position in SoundHound AI in the 3rd quarter worth $86,000. Finally, State Street Corp lifted its position in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares during the last quarter. 19.28% of the stock is owned by 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.