SoundHound AI (NASDAQ:SOUN) Trading Up 0.5% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 0.5% during mid-day trading on Monday . The stock traded as high as $8.87 and last traded at $8.29. 35,778,664 shares changed hands during trading, an increase of 2% from the average session volume of 35,061,660 shares. The stock had previously closed at $8.25.

Wall Street Analyst Weigh In

SOUN has been the topic of a number of recent analyst reports. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Wedbush reiterated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. Finally, HC Wainwright raised their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Trading Up 3.5 %

The firm has a market cap of $2.91 billion, a P/E ratio of -21.67 and a beta of 2.71. The company has a 50 day moving average of $5.63 and a 200 day moving average of $5.07. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping 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 net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.09) EPS. Analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the sale, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at approximately $11,529,936.96. This trade represents a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the transaction, the director now owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 337,275 shares of company stock worth $1,811,044 over the last three months. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes 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 acquiring an additional 1,887 shares during the period. Integrated Wealth Concepts LLC increased its holdings in shares of SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after purchasing an additional 1,975 shares during the period. Genesee Capital Advisors LLC raised its position in shares of SoundHound AI by 11.4% during the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after buying an additional 2,000 shares during the last quarter. Signaturefd LLC grew its position in SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. increased its stake in SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after acquiring an additional 2,320 shares during the period. 19.28% of the stock is 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.