SoundHound AI (NASDAQ:SOUN) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) saw strong trading volume on Monday . 18,477,661 shares traded hands during trading, a decline of 47% from the previous session’s volume of 34,941,344 shares.The stock last traded at $8.33 and had previously closed at $8.25.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SOUN shares. 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 note on Friday, August 9th. Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Trading Down 3.5 %

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 stock has a market cap of $2.94 billion, a price-to-earnings ratio of -23.03 and a beta of 2.71. The company has a fifty day simple moving average of $5.51 and a 200-day simple moving average of $5.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.09) earnings per share. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. The trade was a 2.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. The trade was a 2.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 277,275 shares of company stock worth $1,355,644 over the last three months. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. Vanguard Group Inc. boosted its stake in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares in the last quarter. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI during the 3rd quarter valued at about $4,193,000. Geode Capital Management LLC increased its stake in SoundHound AI by 9.1% in 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 period. Bank of New York Mellon Corp raised its position in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after purchasing an additional 409,917 shares during the period. 19.28% of the stock is currently owned by institutional investors.

About SoundHound AI

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.