SoundHound AI (NASDAQ:SOUN) Stock Price Up 2.6% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 2.6% during mid-day trading on Thursday . The company traded as high as $10.93 and last traded at $10.90. Approximately 20,413,166 shares changed hands during trading, a decline of 27% from the average daily volume of 27,782,861 shares. The stock had previously closed at $10.62.

Analysts Set New Price Targets

SOUN has been the subject of several research analyst reports. Zacks Research lowered shares of SoundHound AI from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. DA Davidson set a $14.00 price objective on shares of SoundHound AI in a report on Thursday, January 8th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $13.00 to $15.00 in a research report on Friday, December 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.07.

SoundHound AI Price Performance

The business’s fifty day moving average price is $11.27 and its 200-day moving average price is $13.53. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of -12.30 and a beta of 2.65.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. The company had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The firm’s revenue was up 67.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.04) EPS. Equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In related news, SVP Majid Emami sold 42,600 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $480,528.00. Following the completion of the sale, the senior vice president owned 565,586 shares in the company, valued at approximately $6,379,810.08. This represents a 7.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Michael Zagorsek sold 73,406 shares of the firm’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $828,019.68. Following the transaction, the chief operating officer owned 1,787,459 shares in the company, valued at approximately $20,162,537.52. This trade represents a 3.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 462,265 shares of company stock valued at $5,216,518 over the last 90 days. Corporate insiders own 9.17% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KG&L Capital Management LLC bought a new stake in SoundHound AI in the 4th quarter worth about $161,000. Clear Creek Financial Management LLC lifted its position in shares of SoundHound AI by 1.6% during the 4th quarter. Clear Creek Financial Management LLC now owns 58,091 shares of the company’s stock worth $579,000 after buying an additional 941 shares in the last quarter. Cane Capital Partners LLC purchased a new position in shares of SoundHound AI in the 4th quarter worth approximately $161,000. Sound Income Strategies LLC boosted its stake in shares of SoundHound AI by 172.5% in the 4th quarter. Sound Income Strategies LLC now owns 5,766 shares of the company’s stock worth $57,000 after buying an additional 3,650 shares during the last quarter. Finally, Trueblood Wealth Management LLC purchased a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $150,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.