SoundHound AI (NASDAQ:SOUN) Trading 12.6% Higher – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price rose 12.6% on Monday . The stock traded as high as $15.10 and last traded at $15.01. Approximately 218,916,405 shares changed hands during trading, an increase of 214% from the average daily volume of 69,755,192 shares. The stock had previously closed at $13.33.

Analysts Set New Price Targets

Several brokerages have commented on SOUN. HC Wainwright lifted their price target on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. DA Davidson reiterated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Finally, Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market cap of $5.26 billion, a P/E ratio of -39.53 and a beta of 3.03. The stock’s 50 day moving average is $6.88 and its two-hundred day moving average is $5.48.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue was up 88.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.09) EPS. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction 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 represents a 1.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the transaction, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at approximately $11,529,936.96. The trade was a 3.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,035,416 shares of company stock valued at $26,334,544. 12.28% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kings Path Partners LLC bought a new stake in SoundHound AI during the 2nd quarter worth about $28,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI during the second quarter valued at approximately $31,000. NBC Securities Inc. increased its holdings in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank raised its position in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after buying an additional 2,200 shares in the last quarter. 19.28% of the stock is currently 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.