SoundHound AI (NASDAQ:SOUN) Stock Price Up 9.7% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) was up 9.7% on Monday . The stock traded as high as $5.72 and last traded at $5.68. Approximately 14,928,371 shares changed hands during trading, a decline of 56% from the average daily volume of 33,881,766 shares. The stock had previously closed at $5.18.

Analysts Set New Price Targets

Several brokerages have recently commented on SOUN. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, Northland Securities upped their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Price Performance

The company has a fifty day moving average of $4.90 and a 200-day moving average of $4.74. The firm has a market cap of $1.96 billion, a P/E ratio of -14.95 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the previous year, the company earned ($0.10) EPS. The business’s revenue was up 53.8% compared to the same quarter last year. On average, sell-side analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity

In related news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now directly owns 74,038 shares in the company, valued at approximately $371,670.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now owns 74,038 shares in the company, valued at approximately $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Ming Hom sold 21,024 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 transaction of $102,597.12. Following the sale, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock valued at $1,606,644 over the last three months. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently bought and sold shares of the company. Financial Advocates Investment Management raised its stake in shares of SoundHound AI by 6.3% in the third quarter. Financial Advocates Investment Management now owns 46,685 shares of the company’s stock valued at $218,000 after buying an additional 2,750 shares during the period. Nisa Investment Advisors LLC increased its holdings in SoundHound AI by 2,198.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 88,111 shares of the company’s stock worth $411,000 after acquiring an additional 84,278 shares during the last quarter. International Assets Investment Management LLC raised its stake in SoundHound AI by 914.6% in the 3rd quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after acquiring an additional 72,252 shares during the period. Lake Street Private Wealth LLC purchased a new stake in SoundHound AI during the third quarter valued at about $51,000. Finally, Signaturefd LLC boosted 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 purchasing an additional 2,000 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.