SoundHound AI (NASDAQ:SOUN) Shares Up 4.1% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 4.1% during mid-day trading on Thursday . The company traded as high as $14.59 and last traded at $14.55. 11,040,248 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 53,361,348 shares. The stock had previously closed at $13.97.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Trading Down 28.1 %

The stock has a fifty day moving average of $16.62 and a 200-day moving average of $9.50. 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 company has a market cap of $4.31 billion, a PE ratio of -30.47 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping 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%. The business’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.09) EPS. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 in the last three months. 12.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SOUN. Kieckhefer Group LLC acquired a new stake in SoundHound AI during the fourth quarter worth about $3,432,000. Charles Schwab Investment Management Inc. grew its holdings in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the period. Oriental Harbor Investment Fund acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $8,964,000. Geode Capital Management LLC grew its holdings 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 purchasing an additional 602,311 shares during the period. Finally, Wealth Effects LLC acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $357,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.