SoundHound AI (NASDAQ:SOUN) Trading 13.9% Higher – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 13.9% during trading on Tuesday . The company traded as high as $15.85 and last traded at $15.53. 40,317,966 shares traded hands during trading, a decline of 38% from the average session volume of 65,128,367 shares. The stock had previously closed at $13.64.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SOUN. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities raised their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Barclays reaffirmed a “neutral” rating and issued 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 assigned a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Stock Performance

The stock has a market cap of $5.82 billion, a price-to-earnings ratio of -43.73 and a beta of 2.63. The firm has a fifty day simple moving average of $14.14 and a 200 day simple moving average of $8.24. 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 issued its earnings results on Tuesday, November 12th. The company reported ($0.06) 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 firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period last year, the business 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, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 156,288 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the sale, the chief executive officer now owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now owns 178,117 shares of the company’s stock, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock valued at $45,391,343 over the last quarter. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the stock. Sound Income Strategies LLC boosted its stake in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI in the fourth quarter worth $40,000. ST Germain D J Co. Inc. boosted its position in shares of SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after purchasing an additional 750 shares in the last quarter. Avior Wealth Management LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at $64,000. Finally, SJS Investment Consulting Inc. acquired a new stake in SoundHound AI during the 4th quarter worth $129,000. 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.