SoundHound AI (NASDAQ:SOUN) Stock Price Up 5.1%

SoundHound AI, Inc. (NASDAQ:SOUN) was up 5.1% during mid-day trading on Monday . The stock traded as high as $4.60 and last traded at $4.57. Approximately 3,808,074 shares were traded during trading, a decline of 90% from the average daily volume of 37,543,320 shares. The stock had previously closed at $4.35.

Analyst Ratings Changes

Several research firms have recently commented on SOUN. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Monday, August 12th. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Price Performance

The firm has a market cap of $1.59 billion, a PE ratio of -12.18 and a beta of 2.75. The business has a 50-day moving average price of $4.85 and a two-hundred day moving average price of $5.05.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The business had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business’s revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.10) earnings per share. Equities analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 521,728 shares of company stock valued at $2,501,976. 21.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. boosted its stake in SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock worth $80,000 after buying an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC lifted its holdings in shares of SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after acquiring an additional 2,000 shares during the period. Signaturefd LLC boosted its position in shares of SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after acquiring an additional 2,200 shares during the last quarter. Newbridge Financial Services Group Inc. grew its holdings in SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in SoundHound AI by 13.7% during the second 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 during 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.