SoundHound AI (NASDAQ:SOUN) Stock Price Up 11.2% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 11.2% during trading on Wednesday . The company traded as high as $22.44 and last traded at $21.56. Approximately 44,238,677 shares traded hands during mid-day trading, an increase of 13% from the average daily volume of 39,280,723 shares. The stock had previously closed at $19.39.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright raised their price objective on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Finally, Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $9.50.

SoundHound AI Price Performance

The stock’s fifty day moving average price is $8.07 and its 200-day moving average price is $5.90. 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 $8.70 billion, a PE ratio of -65.39 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.01. The firm 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 revenue was up 88.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.09) EPS. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, VP Majid Emami sold 298,086 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $4,483,213.44. Following the completion of the sale, the vice president now owns 735,685 shares in the company, valued at $11,064,702.40. This trade represents a 28.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This represents a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,060,416 shares of company stock valued at $26,684,544 in the last three months. 12.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. raised its stake in SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC boosted its position in SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after acquiring an additional 1,975 shares during the last quarter. Signaturefd LLC grew its stake in SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the period. Newbridge Financial Services Group Inc. increased its holdings in shares of 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 buying an additional 2,320 shares during the last quarter. Finally, Wolverine Asset Management LLC boosted its holdings in SoundHound AI by 7.7% in the third quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock valued at $164,000 after acquiring an additional 2,522 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.