SoundHound AI (NASDAQ:SOUN) Shares Up 0% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 0% during mid-day trading on Wednesday . The company traded as high as $16.15 and last traded at $15.71. Approximately 16,603,499 shares changed hands during trading, a decline of 71% from the average daily volume of 57,789,043 shares. The stock had previously closed at $15.71.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SOUN shares. Northland Securities increased their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, January 13th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Down 1.1 %

The stock’s fifty day moving average is $16.23 and its two-hundred day moving average is $9.11. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $5.77 billion, a PE ratio of -43.33 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results 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 net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the business posted ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In related news, CEO Keyvan Mohajer sold 156,288 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now owns 698,226 shares of the company’s stock, valued at $14,173,987.80. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 in the last three months. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently bought and sold shares of the business. Carnegie Investment Counsel purchased a new position in SoundHound AI during the third quarter valued at $4,193,000. Geode Capital Management LLC raised 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 purchasing an additional 602,311 shares during the last quarter. Oriental Harbor Investment Fund purchased a new position in shares of SoundHound AI during the fourth quarter valued at approximately $8,964,000. Raymond James Financial Inc. purchased a new position in shares of SoundHound AI in the 4th quarter worth $6,830,000. Finally, UNICOM Systems Inc. bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $4,662,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.