SoundHound AI (NASDAQ:SOUN) Trading 14% Higher – Here’s Why

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 14% during mid-day trading on Friday . The company traded as high as $9.07 and last traded at $8.98. Approximately 28,791,774 shares were traded during mid-day trading, a decline of 18% from the average daily volume of 35,138,441 shares. The stock had previously closed at $7.88.

Analysts Set New Price Targets

Several research firms recently commented on SOUN. 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 report on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Stock Up 18.7 %

The business’s 50 day moving average price is $5.69 and its 200-day moving average price is $5.09. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market capitalization of $3.46 billion, a PE ratio of -24.94 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the business posted ($0.09) EPS. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In other SoundHound AI news, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the sale, the chief technology officer now directly owns 1,039,194 shares in the company, valued at $5,071,266.72. This trade represents a 1.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the sale, the director now owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 337,275 shares of company stock worth $1,811,044. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of large investors have recently made changes to their positions in SOUN. Oppenheimer & Co. Inc. increased its position in SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after buying an additional 1,887 shares during the period. Integrated Wealth Concepts LLC increased its holdings in shares of SoundHound AI by 13.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after acquiring an additional 1,975 shares during the period. Genesee Capital Advisors LLC raised its position in SoundHound AI by 11.4% in the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after purchasing an additional 2,000 shares during the last quarter. Signaturefd LLC boosted its stake in SoundHound AI by 19.5% during the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares during the period. Finally, Newbridge Financial Services Group Inc. grew its position in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.