SoundHound AI (NASDAQ:SOUN) Trading Up 3.5% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 3.5% on Thursday . The stock traded as high as $7.89 and last traded at $7.88. Approximately 32,377,547 shares traded hands during trading, a decline of 8% from the average daily volume of 35,208,672 shares. The stock had previously closed at $7.61.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SOUN shares. HC Wainwright lifted their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Barclays reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. 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. Finally, Northland Securities increased their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. 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 Stock Up 3.5 %

The company has a market capitalization of $2.91 billion, a PE ratio of -21.89 and a beta of 2.71. The stock has a 50-day moving average of $5.63 and a 200 day moving average of $5.07. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) EPS. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In related news, COO Michael Zagorsek sold 42,001 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $204,964.88. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $7,189,811.36. The trade was a 2.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Ming Hom sold 21,024 shares of the stock in a transaction on 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 in the company, valued at approximately $4,225,909.20. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 337,275 shares of company stock worth $1,811,044 over the last quarter. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. Carnegie Investment Counsel purchased a new stake in SoundHound AI in the third quarter worth approximately $4,193,000. Geode Capital Management LLC grew its position in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in shares of SoundHound AI by 563.0% in the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after purchasing an additional 409,917 shares in the last quarter. 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.