SoundHound AI (NASDAQ:SOUN) Trading 3.2% Higher – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 3.2% during trading on Thursday . The stock traded as high as $14.30 and last traded at $13.99. Approximately 23,004,295 shares changed hands during trading, a decline of 39% from the average daily volume of 37,816,867 shares. The stock had previously closed at $13.55.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, HC Wainwright increased their price target on 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 issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Trading Up 23.7 %

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 firm has a market cap of $6.25 billion, a price-to-earnings ratio of -46.97 and a beta of 3.03. The firm’s fifty day moving average is $7.48 and its 200-day moving average is $5.68.

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, beating analysts’ consensus estimates 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 company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the previous year, the business earned ($0.09) EPS. The firm’s revenue was up 88.7% compared to the same quarter last year. Equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the transaction, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. This represents a 1.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,035,416 shares of company stock worth $26,334,544 in the last quarter. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Oppenheimer & Co. Inc. grew its holdings in shares of SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after buying an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in SoundHound AI by 13.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after acquiring an additional 1,975 shares in the last quarter. Signaturefd LLC boosted its stake in SoundHound AI by 19.5% during the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the last quarter. Newbridge Financial Services Group Inc. increased its holdings in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in SoundHound AI by 13.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock worth $82,000 after purchasing an additional 2,500 shares in the last quarter. Institutional investors and hedge funds 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.